Cheaper Options Knock Gulf’s Share of Indian June Oil Imports To 19-Month Low

India’s reliance on Middle East oil imports shrunk in June to the smallest since October 2015 as the world’s third-biggest importer tapped other sources amid OPEC supply cuts, ship tracking data from industry sources and data available on Thomson Reuters Eikon showed.
India’s imports of Middle Eastern crude oil shrunk in June to the smallest since October 2015 as the world’s third-biggest importer tapped other sources amid OPEC supply cuts, ship tracking data available with Reuters showed.
Middle East imports fell 7.6 percent in June from the previous month, partly driven by declines from Kuwait, Iraq and Saudi Arabia as the production cuts by the Organization of the Petroleum Exporting Countries (OPEC) made more of a dent in supply.
The cuts also drove up Middle East crude prices, prompting price-sensitive Indian buyers to seek substitutes from Russia and Latin America as the world remains awash with oil.
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