Indian Oil Imports From Russia Fell to One-Year Low

India’s crude oil imports from Russia fell for the second consecutive month in January to 1.289mbpd, a one-year low, as tighter Western sanctions hit supply of light sweet Sokol grade, LSEG data showed.

• LSEG data suggested imports of Russian crude fell by 4.2% on the month. Vortexa data indicated imports fell by 9% on the month to 1.209mbpd.
• "The narrowing of Russian crude discounts versus Middle Eastern crude, recent US sanctions on shipowners carrying Russian crude above the price cap and rising tanker premiums as a result of the Red Sea attacks have made Russian crude less attractive for Indian refiners in recent months," said Serena Huang, Vortexa's head of APAC analysis.
• India's imports of Russian crude could fall further in the coming months, she added.
• India is scheduled to get at least five cargoes of Sokol crude in January, compared with none in January, LSEG data showed.
• According to LSEG data, India is scheduled to get at least five cargoes of Sokol crude in February, compared with none in January.
• Around 14 tankers carrying a total of 10mn barrels of Russian Sokol grade crude have been stranded off the coast of South Korea near the port of Yosu for weeks, Kpler data showed on 26 January. The tankers are unsold due to US sanctions and payment issues, two traders told Reuters.