Can we just take another look at this shot? When Loki, Odin and Thor are all shown in the same shot, Odin is always in the middle, with Thor on his right and Loki on the left. Loki is stood on the side with Odin’s good eye because he’s trying to get Odin to notice him, whilst Odin is blinded to him by Thor being the golden child.
Look at their expressions and body language too; Odin is looking straight ahead, but his left shoulder is ‘brought forward’, with his stance bringing the entire right side of his body closer to the camera, which could be a metaphor for him favouring Thor over Loki, given that he is physically leaning more towards Thor. Loki is also stood head-on, but he is looking at Odin, not straight ahead, whereas Thor has his body tilted to face the Allfather, but is looking to the right of the image; to Loki.
Look at Loki’s posture, his shoulders are slumped, giving him an almost defeated look. It could be interpreted that he’s given up trying to compete for Odin’s attention, but deep in his subconscious, he’s hoping that one day Odin will pay attention to him for a change.