OPEC expects to claw back its share of the Indian oil market in the long term, due to the short distance Middle Eastern crude has to travel to the world’s third-largest oil importer, OPEC Secretary General Haitham Al Ghais has told Reuters.
Early this year, data that Reuters had obtained from industry and trade sources showed that OPEC’s share of India’s crude imports slumped to its lowest level in history—to about 49.6% in the first nine months of the Indian fiscal year started in April 2023, compared to a 64.5% share for the same period of the previous fiscal year.
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