Russian oil import at 8-month low in October as discount falls, OPEC share up

With discounts on Russian crude oil shrinking, Moscow’s share in India’s oil imports declined to an eight-month low in October.

While New Delhi’s traditional West Asian suppliers — Iraq, Saudi Arabia and the United Arab Emirates (UAE) — managed to claw back part of the market share they had ceded to Russia.

According to an analysis of India’s official trade data by The Indian Express, Russia’s share in India’s oil imports (by volume) in October was 31.9 per cent, down from 34.8 per cent in September. It declined for four consecutive months from the peak of 44.7 per cent registered in June.