* Indian oil import volumes rise from September's low levels
* Iraq secures top oil supplier status, Saudi slips to No. 2
* Nigeria third biggest supplier followed by United States
By Nidhi Verma
NEW DELHI, Nov 18 (Reuters) - OPEC'S share of India's oil
imports fell to 73% in October, its lowest monthly share since
at least 2011, tanker data from sources showed, as refiners
shipped in fuel from the United States and other suppliers.
India, which usually imports about 80% of its needs from
members of the Organization of the Petroleum Exporting
Countries, has been diversifying its sources of oil as local
refiners have upgraded plants to process cheaper crude grades.
India, the world's third biggest oil importer, shipped in
4.56 million barrels per day (bpd) of oil in October, about 3.3%
less compared with a year ago, data showed. Of that, it bought
3.43 million bpd oil from OPEC. OPEC's share of India's imports in September was about 81%
although total volumes were lower, as the South Asian nation cut
imports to a three-year low due to maintenance at some
refineries. OPEC oil output dipped to an eight-year low in September
after attacks on Saudi oil plants led to production cuts, a
Reuters survey showed. The kingdom's output has since recovered.
In October, Iraq replaced Saudi Arabia as India's top oil
supplier, tanker arrival data showed, with refiners cutting
purchases of the more expensive Saudi oil.
Sources who supplied the data asked not to be named.
"Saudi had raised its official selling price (OSP) that led
to some buyers migrating to Iraqi and other producers," said
Ehsan Ul Haq, an analyst with Refinitiv. Saudi Arabia raised its October OSP for its Arab Light grade
for Asia by $0.60/barrel compared to a $0.35/barrel increase in
Iraq's Basra Light. To make up for lower Saudi purchases, India also boosted
purchases from Nigeria, the third biggest supplier in October,
as well as from Kuwait and Mexico.
India shipped in a record 336,000 bpd U.S. oil in October,
about 7.5% total imports, as private refiner Reliance Industries
RELI.NS bought three tanker cargoes, data showed. The United
States was Indian's fourth biggest supplier in October.
"Indian demand for gasoil has been falling but overall Asian
demand has been relatively strong because of new marine fuel
rules from January. And good diesel cracks is prompting refiners
to buy distillate rich crudes like that of Nigeria," Haq said.
Refining margins or cracks for 10 ppm gasoil GO10SGCKMc1
traded at $15.46 per barrel over Dubai crude during Asian trade
on Monday and cash premiums for the fuel GO10-SIN-DIF climbed
to 34 cents per barrel to Singapore quotes, compared with 31
cents per barrel on Friday. India's fuel demand in October declined by 1.4% from a year
ago, and its diesel consumption fell by the steepest in about
three years, government data showed on Thursday.
TABLE-India's Oct oil imports down 3.3% y/y- trade data
refiner Nayara Energy's October oil imports
refiner Reliance's October imports ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>