India's Russian crude imports surge to 10-month high on strong ESPO demand
India's imports of Russian crude oil are set to reach nearly 1.8 million barrels per day in May—the highest level in ten months, according to ship tracking data from Kpler. The surge is driven largely by increased purchases of lighter grades like the ESPO Blend, as Indian refiners respond to favorable market conditions.The strong appetite for ESPO crude, a light sweet variety exported from Russia's Far East port of Kozmino, is likely to persist into July. Traders report that Indian refiners recently booked over 10 cargoes of the grade for June loading.advertisementIndia, the world's third-largest oil importer and consumer, has contributed to a recovery in ESPO spot premiums, which had weakened amid reduced Chinese demand.
With Chinese state-owned refiners avoiding sanctioned crudes and independent refiners facing tight crude import quotas, more ESPO volumes are being offered to India.'ESPO is readily available in the market,' a source at an Indian refining company that recently purchased the grade was quoted as saying by news agency Reuters."Traders are currently charging a premium of about 50 cents per barrel over Dubai prices." Another industry source noted premiums for India-bound ESPO are currently ranging between 50 cents and USD 1 per barrel.ALSO READ: Power out, trees uprooted, banners toppled after massive storm hits DelhiAs Indian demand strengthens, it has also begun pushing up ESPO prices for China. Offers for July-loading cargoes bound for Chinese ports have risen to around USD 2 per barrel above Dubai prices, up from the USD 1.50–USD 1.70 range seen for June loadings, traders said.advertisementCrude distillation unit (CDU) maintenance at major Indian refiners—including Reliance Industries and Mangalore Refinery and Petrochemicals Ltd (MRPL)—has further fueled demand for feedstock suitable for fluid catalytic cracking units.Jay Shah, a senior oil analyst at Rystad Energy, noted that some of these ESPO cargoes are being delivered under a long-term supply deal between Reliance and Russia's Rosneft. He added that deliveries to Reliance's western Sikka port have increased noticeably since the start of the year.(With inputs from Reuters)Must Watch
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