OPEC's share of Indian oil imports in October hits lowest since 2011
Updated : November 19, 2019 08:00 AM IST
OPEC'S share of India's oil imports fell to 73 percent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.
India, which usually imports about 80 percent of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades.
India, the world's third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 percent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd from OPEC.