Free Trial

Indian Buyers Turn to Russian ESPO June-July

OIL

India increased Russian ESPO crude purchases for June and July arrival as China bought less according to LSEG data.

  • India's ESPO imports rose to ~500,000 metric tons (123,000 bpd) in June and are expected to surpass 700,000 tons this month.
  • India had previously only been pulling in 100,000-200,000 tons a month since September 2023.
  • Indian buyers have benefitted from greater discounts because of China demand weakness due to poor margins Reuters sources said.
  • China demand appears to be improving because of stockpiling demand, highlighted by Vortexa earlier this month.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.