OPEC Producers See Market Share Evaporate In India

The world’s third-biggest oil importer, India, saw its imports from OPEC producers slump to a 19-year-low in the fiscal year 2019/2020 ended in March, Reuters reported on Thursday, citing data from trade and industry sources. At the same time, India imported more oil from the United States, the Mediterranean, and Latin America. India's refiners have been seeking to diversify their 80-percent oil import dependence that they have OPEC, and lately, there has been a favorable price spread between Brent Crude and WTI Crude, making imports…