In May, India sharply increased its purchases of Russian oil, bringing the volume of imports to a record 1.8 million barrels per day — the highest level in the last 10 months.
This was reported by Reuters, citing data from traders.
The supply of raw materials is carried out under a long-term contract with the state-owned company Rosneft. The main volume of imports is ESPO (Eastern Siberia — Pacific Ocean) grade, which, according to analysts, is now widely available on the world market.
Steady demand from Indian refineries remains: last week they ordered more than 10 batches of ESPO oil, the loading of which will begin in June. The flow of supplies is expected to continue in July.
The sharp increase in purchases coincided with the preparation of a new package of sanctions by the EU and the UK, aimed at the “shadow fleet” of the Russian Federation and financial structures associated with the export of Russian oil. According to the EU Council, the 17th package of restrictions was approved on May 20, and new measures may follow soon, including a tightening of the price cap and sanctions against banks financing the war in Ukraine. Analysts note that India was “pushed” to increase imports by the fact that Chinese state-owned companies are increasingly avoiding sanctioned oil, and independent Chinese refiners have had their quotas limited.
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