The world’s third biggest oil-importer, India, shipped in about 3.95 million barrels per day (bpd) of oil in August, jumping to the country’s highest in 10 months.

Recent shipping data from trade sources shows that refiners are switching out more expensive crude for the Middle East. African countries accounted for about 17.5% or an eleven-month high of 688,000 bpd.

The data showed there was a higher intake of Nigerian and Venezuelan oil in India’s overall imports for August. According to OPEC data, the 77.6% import recorded compared to the 67.2% recorded in the money before is India’s highest since January 2020.

OPEC’s share was at a record low over the first five months of the fiscal year: April – August. India is said to have also shipped in Venezuelan oil in August after a two months gap, as Reliance Industries was granted permission by the United States to exchange diesel for oil.

Iraq was the hight supplier to India in August, Saudi Arabia was the second, the United Arab Emirates was the third, Nigeria was the fourth, the United States was the fifth, Kuwait was the sixth and Venezuela was the seventh top supplier.

The share of Middle Eastern oil dropped from 71.3% last month to its lowest in three-month, 62.4%, while that of Latin America rose from 6.3% to 9.7%.

According to an analyst with Refinitiv, Ehsan Ul Haq, he said to raise revenue, Nigeria was supplying more than its quota under the OPEC+ production agreements in the first months. Angola was searching for a new market after its biggest buyers, the Chinese, cut purchases. Nigeria and Iraq were the least compliant in the months of the 9.7 million barrels per day cut, May – July.

Haq said strengthening diesel cracks also prompted Indian refiners to buy African grades, while an increase in official selling prices by key Gulf producers including Saudi Arabia deterred them.

He said, “Spot prices of west African oil versus Brent were down in the most part of July compared with June. That along with lower freight offered an opportunity to buy Nigerian oil.”

“And the new home was India.”