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Two Tankers Deliver Russian Sokol to India’s Sikka Port

OIL

Two tankers have offloaded 2m bbl of Russian Sokol crude to India’s west coast Sikka port over the weekend, according to Bloomberg.

  • The tankers were Aframax Vostochny Prospect and VLCC Erecter.
  • These cargoes represent the backlog that accrued after Indian refiners started rejecting Sokol cargoes in December.
  • The backlog, which peaked around 18m bbl, has largely cleared.
  • Around 5.6m bbl of Sokol have been delivered to India. April is expected to see a pickup in India’s Sokol imports, with deliveries already three times higher than February.
  • This follows comments from the US Treasury saying that it never expected India to stop importing Russian oil.
  • Meanwhile, Imports of Sokol by China’s Teapot refineries in Shandong are set to decline by 70% in April and May compared to March.
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