India, the world’s third largest oil importer and consumer, bought 4.2 million barrels per day last month as some refineries (SE:2030) plan to boost production in anticipation of rising demand in the festive season.
About a fifth of India’s imports in August were from the United States and Latin America, as refiners booked shipments from far away at the end of May and June to take advantage of the price differences. This led to a decline in the share of the Middle East and Africa, according to the data.
The shares of Middle East raw materials from India’s imports in August fell to 61.8% from 64.7% in the previous month, while imports from Africa decreased to 14.1% from 16.7%.
This reduced the share of the Organization of the Petroleum Exporting Countries (OPEC) in India’s total imports to 67.7% from 77.6%.
During the period from April to August, the first five months of the current fiscal year, OPEC’s share of India’s imports fell to its lowest level.