OPEC Confident It Can Win Back Oil Market Share in India

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.   Over the past two years, the Middle East has lost a lot of its previous market share in India as record imports of cheap Russian crude into India have undermined OPEC’s share of supply so much that the cartel’s share of all Indian oil imports has hit the lowest in at least…