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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.
OIL
Russian seaborne crude exports rose 8% on the month in April to a 12-month high with record volumes to Indian refiners according to S&P Global and despite the planned production cuts.
- Russian seaborne crude exports were the highest since April 2022 at 3.76mb/d in April and 22% above average pre-war levels of 3.1mb/d. India imports of Russian crude increased 14% to almost 2mb/d in April despite a narrowing Urals discount.
- The Platts Urals DAP West Coast India discount to forward Dated Brent narrowed from 15.95$/bbl on March 30 to 13.50$/bbl on May 2.
- Russian crude flows to Indian refiners are now reaching a saturation point according to S&P Global. Russian imports are close to the estimated maximum of 40%-45% that refiners could technically process given the quality of the crude.
- The share of Russian flows to India in 2023 is expected around 30% to 35% as long as the price remains competitive against Middle East and Africa crude.
Source: S&P Global
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.
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