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India Gazette
6 days ago
- Business
- India Gazette
India's oil imports from Russia surge
The South Asian nation's purchases of Russian crude are set to reach a 10-month high, according to Kpler data India's imports of Russian crude oil are expected to reach around 1.8 million barrels per day in May, the highest level in 10 months, Reuters has reported, citing ship-tracking data from Kpler. The surge is attributed to refiners purchasing more light grades, such as Russia's ESPO Blend. Traders predict that the strong demand for lighter Russian grades will continue until July, driven by Indian refiners who have ordered over 10 cargoes of ESPO crude for June loading, the Reuters report added. ESPO crude refers to oil from the Eastern Siberian-Pacific Ocean pipeline. The most recent purchases of Russian crude by India were made before the EU and UK imposed the latest round of sanctions targeting Moscow's so-called "shadow fleet" of oil tankers and financial firms. Despite Western concerns, India has strengthened its economic ties with Russia and increased its imports of Russian crude oil throughout the Ukraine conflict. India's imports of Russian crude oil, which were marginally down earlier in 2025, bounced back from March onwards. The surge is attributed to lower prices, which have made it more economical for refiners. Additionally, the decreased prices have led to an increase in the availability of non-sanctioned tankers, facilitating easier transportation of oil for Indian companies. After the imposition of a round of Western sanctions on Moscow in February, New Delhi said it would continue purchasing Russian oil, provided that certain conditions were met. These included a sale price below $60 per barrel, transportation on tankers that are not subject to sanctions, and ensuring that transactions did not involve any sanctioned entities or individuals, according to the Financial Express. Russian crude accounted for over 35% of India's total oil imports in March. The surge in imports in May has helped Moscow solidify its position as a major oil supplier to Asia's third largest economy.
India Gazette
7 days ago
- Business
- India Gazette
Indias oil imports from Russia surge Reuters
The South Asian nations purchases of Russian crude are set to reach a 10-month high, according to Kpler data India's imports of Russian crude oil are expected to reach around 1.8 million barrels per day in May, the highest level in 10 months, Reuters has reported, citing ship-tracking data from Kpler. The surge is attributed to refiners purchasing more light grades, such as Russia's ESPO Blend. Traders predict that the strong demand for lighter Russian grades will continue until July, driven by Indian refiners who have ordered over 10 cargoes of ESPO crude for June loading, the Reuters report added. ESPO crude refers to oil from the Eastern Siberian-Pacific Ocean pipeline. The most recent purchases of Russian crude by India were made before the EU and UK imposed the latest round of sanctions targeting Moscow's so-called "shadow fleet" of oil tankers and financial firms. Despite Western concerns, India has strengthened its economic ties with Russia and increased its imports of Russian crude oil throughout the Ukraine conflict. India's imports of Russian crude oil, which were marginally down earlier in 2025, bounced back from March onwards. The surge is attributed to lower prices, which have made it more economical for refiners. Additionally, the decreased prices have led to an increase in the availability of non-sanctioned tankers, facilitating easier transportation of oil for Indian companies. After the imposition of a round of Western sanctions on Moscow in February, New Delhi said it would continue purchasing Russian oil, provided that certain conditions were met. These included a sale price below $60 per barrel, transportation on tankers that are not subject to sanctions, and ensuring that transactions did not involve any sanctioned entities or individuals, according to the Financial Express. Russian crude accounted for over 35% of India's totaloil importsin March. The surge in imports in May has helped Moscow solidify its position as a major oil supplier to Asia's third largest economy. (
India Today
22-05-2025
- Business
- India Today
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 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 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 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 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 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
Deccan Herald
22-05-2025
- Business
- Deccan Herald
India's Russian oil imports hit 10-month high on strong demand for ESPO crude
The robust demand for the lighter Russian grades in the world's third biggest oil importer and consumer is expected to last into July as Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week, traders said.
Time of India
21-05-2025
- Business
- Time of India
India's oil imports from Russia surge to 10-month high on strong demand for light crude
India's imports of Russian crude oil are set to reach nearly 1.8 million barrels per day in May, the highest in 10 months, according to ship tracking data from Kpler, as domestic refiners ramp up purchases of lighter Russian grades like ESPO Blend. Strong demand from the world's third-largest oil consumer is expected to continue into July, with Indian refiners reportedly ordering more than 10 cargoes of June-loading ESPO crude just last week, traders told Reuters. The surge in buying comes ahead of new EU and UK sanctions targeting Russia's 'shadow fleet' of oil tankers and associated financial entities, raising questions about future logistics and pricing. India's appetite for Russian ESPO crude has also triggered a rebound in spot premiums for shipments delivered to China, the largest buyer of the Far East-exported grade from Russia's Kozmino port. According to Jay Shah, senior oil analyst at Rystad Energy, shutdowns at crude distillation units at Indian refining majors like Reliance Industries and MRPL have increased the need for light crude feedstock at their fluid catalytic crackers, particularly due to favourable refining margins. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Prince William & Kate Met Princess Diana's Secret Daughter. Plays Star Undo Shah also noted that several cargoes arriving at Sikka port, used by Reliance Industries, were part of a long-term agreement with Rosneft, and that volumes through this port have risen since the beginning of the year. One Indian refining source told Reuters, 'ESPO oil is available in good quantities in the market. Traders are charging a premium of about 50 cents to Dubai prices.' Another added that ESPO delivered to India is currently priced between 50 cents and $1 per barrel above Dubai crude. More ESPO barrels have reportedly been diverted to India as Chinese state-run firms continue avoiding sanctioned crude, and quota limitations constrain independent refiners in China, according to market analysts. India's rising demand has helped push ESPO premiums for China even higher, traders said. Offers for July-loading ESPO cargoes bound for China are now around $2 per barrel above Dubai, up from $1.50–$1.70 for June-loading barrels. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
