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Indian Demand for Russian ESPO Declining

OIL

Higher freight rates are set to impact Indian refinery purchases of Russian ESPO this month as they turn to Africa and the Middle East instead according to Reuters sources.

  • "On net back basis after factoring in the freight, the landed cost of ESPO is turning out to be $5-$7 a barrel costlier in comparison to similar grades from other countries such as UAE's Murban," the source said.
  • About 2 million tonnes (14.35 million barrels) of Russian crude have been loaded for India so far this month versus 3.55 million tonnes of August, including 585,090 tonnes of ESPO crude, Refinitiv data showed on Thursday.
  • India has loaded 2.35 million tonnes of African oil so far this month versus 1.16 million tonnes in August.
  • Total Russian ESPO exports in September slipped to 720,000 barrels per day (bpd) from more than 800,000 bpd in July and August according to Kpler.
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