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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.
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