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OIL
Growing sanctions pressure and a narrowing Urals discount has dented Russian crude into India according to Vortexa figures.
- At its peak last May, Russian barrels made up 40% of Indian crude imports but have been steadily declining since. In March, they represented 28%.
- The decrease has been much starker for public refiners than private ones with seemingly different attitudes towards potential sanctions implications.
- Russian crude imports into state refiners fell over 40% in March compared to its peak imports last June. The private sector refiners, in comparison, saw a 17% decline in March versus their highest in April 2023.
- To replace falling Russian volumes, Indian refiners have been seen pivoting back towards Middle Eastern grades.
Source: Vortexa
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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