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India Looking Beyond Russia for Oil amid US Sanctions

OIL

Stricter enforcement of US sanctions is hampering India’s trade with Russia, forcing buyers to consider other supplies, according to refinery executives cited by the Economic Times.

  • Russia remains India’s dominant supplier, but importers have been boosting alternative flows to avoid breaching or the G7 price cap.
  • Imports from Saudi Arabia are up 22% from January levels, while India’s largest refiner, Reliance, has taken the highest volume of Saudi crude since May 2020, according to Kpler.
  • While Indian refiners would like to take more Russian oil, this would require US approval for buying to accelerate, a refinery executive told the Economic Times.
  • Russian oil is now around a $2-$4/b discount to other barrels. The previous double-digit discounts are unlikely to return amid additional demand from Chinese buyers.
  • Russia is also seeking payment in Yuan due to increased scrutiny by banks over payment in Dirhams.
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