The OPEC share in Indian oil imports in October reached a 10-month high as refineries purchased more crude from Saudi Arabia and the United Arab Emirates after discounts were reduced for Russian crude that month, according to trade data.
The Russian share in the Indian market fell in October to its lowest level in nine months, according to Reuters calculations based on ship-tracking data from commercial sources.
India, the world's third-largest importer and consumer of oil, typically relies on Middle Eastern producers for the majority of its needs and has encouraged refineries to diversify towards cheaper alternatives to reduce costs.
The Asian country has become the top buyer of discounted Russian crude after Western countries stopped buying from Moscow following the invasion of Ukraine.
India imported about 4.7 million barrels per day (bpd) of crude in October, an 8.4% increase from the previous month, as refineries boosted purchases to meet higher local fuel demand during the festive season, according to the data.
Imports from Saudi Arabia and the UAE reached their highest level in seven months, with a 53% and 63% increase, respectively, from the previous month.
This contributed to raising the share of OPEC producers to 54% in October, up from 50% in September, according to the data.
India imported an average of 1.56 million bpd of Russian oil in October, a 1.2% increase from the previous month, according to the data. Despite the increase, the share of Russian crude in Indian imports in October dropped to 33%, down from 35% in September.
