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India Ramping Up Russian Crude Purchases

OIL

Arrivals of Russian crude into India rose by 260kbd m-o-m in December to reach 1.2mbd, a record high, while January arrivals are on-track to set another record with nearly 1.3mbd of Russian crude discharged in the first two weeks of this month according to Vortexa.

  • In contrast, around 770kbd of seaborne Russian crude was discharged in China in December, down nearly 27% m-o-m, with a slight rebound to 890kbd seen in 1H January.
  • Private Indian refiners have led the increase this month.
  • As the 5 February EU ban on Russian oil imports approaches, India’s diesel exports to Europe have rebounded to 260kbd in the first two weeks of January.
  • India’s higher imports of Russian crude have come at the expense of lower purchases from Middle East producers, particularly Saudi Arabia, Iraq and the UAE.

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Arrivals of Russian crude into India rose by 260kbd m-o-m in December to reach 1.2mbd, a record high, while January arrivals are on-track to set another record with nearly 1.3mbd of Russian crude discharged in the first two weeks of this month according to Vortexa.

  • In contrast, around 770kbd of seaborne Russian crude was discharged in China in December, down nearly 27% m-o-m, with a slight rebound to 890kbd seen in 1H January.
  • Private Indian refiners have led the increase this month.
  • As the 5 February EU ban on Russian oil imports approaches, India’s diesel exports to Europe have rebounded to 260kbd in the first two weeks of January.
  • India’s higher imports of Russian crude have come at the expense of lower purchases from Middle East producers, particularly Saudi Arabia, Iraq and the UAE.