URALS OIL
Don't slip up on oil payment imbalance
To address the trade imbalance from India's Ural crude purchases, they consider local currency, yuan, and cross-border investments. Western sanctions, tighter ties with Moscow, and Beijing's concerns complicate matters. Europe reducing Russian gas imports offers India leverage for overland trade via Iran and maritime routes through Chinese ports, advancing its strategic interests.
Share of Russian oil in imports up at 42% in June, Iraq supplies fall
Indian imports of Russian crude surged in June, outpacing other major suppliers. Refiners find the discounts on Urals grade appealing, with private sector involvement rising.
India and China top buyers of Russian fuel oil in May, LSEG data shows
In May, Russian seaborne fuel oil and VGO exports peaked at 4 million metric tons, with India and China as top destinations. The surge followed the European Union's embargo on Russian oil products, redirecting supplies to Asia. Notably, ship-to-ship loadings near Greece and Malta facilitated the transfer of cargoes destined for Asia.
Russia boosts oil revenues as shipping and trading network grows
Russian oil exporters are selling oil to India at higher prices than at any time since the start of the Ukraine war, as more shippers and traders participate in the trade, weakening the impact of Western sanctions. The exporters have had to offer deep discounts to encourage shipping companies to move their crude since the invasion of Ukraine. Despite this, deals struck this month for Urals oil delivery to Indian refiners are at discounts of $3 to $3.50 per barrel to the global Brent crude benchmark, the narrowest since 2023.
Reliance signs deal with Russia's Rosneft to purchase oil in roubles
Reliance Industries has signed a one-year deal with Russia's Rosneft to purchase at least 3 million barrels of oil monthly in roubles. This agreement, following President Putin's push for alternative financial systems amid Western sanctions, secures discounted oil for Reliance and underscores India's role as a major buyer of Russian crude.
India, Egypt top destinations for Russian seaborne fuel oil, VGO exports in April, LSEG data shows
Crude oil Import: In April, India and Egypt were key destinations for Russian seaborne fuel oil and vacuum gasoil exports, with a total 10% decrease in exports due to maintenance and outages. The EU's embargo redirected Russian exports to Asia. Shipments to India rose while those to China decreased. Egypt saw increased fuel oil supplies for power generation.
Share of Russian crude in India's imports rises to nearly 40% in April
In April, Russia's share in Indian crude oil imports rose to nearly 40%, up from 30% in March, driven by higher global oil prices. Indian refiners imported 1.78 million barrels per day (mb/d) of crude oil from Russia, surpassing imports from China and Europe. Russia supplied more oil to India than its next three top suppliers combined. Overall, Indian crude imports dropped 8% in April, with declines from Iraq, Saudi Arabia, the UAE, and the US.
China, India top buyers of Russian seaborne fuel oil, VGO in Feb, LSEG data shows
In February, China and India remained primary destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports, as they sought alternatives to crude oil. Russia redirected most of its fuel oil and VGO to Asia following the EU's oil embargo. Seaborne exports to India and China increased, while shipments to Turkey declined.
Russian oil exports from its western ports revised up 10% in March amid refinery outage, sources say
Russia will increase oil exports through its western ports in March by almost 200,000 barrels per day (bpd) against the monthly plan to 2.15 million bpd, and market participants expect a further increase in exports amid ongoing drone attacks on Russian refineries.
BPCL avoiding Russian Sokol crude oil purchases due to payment issues: Source
Urals oil, Russia's flagship export blend loaded from its western ports, is mostly supplied to Asia due to a European Union embargo on Russian oil, with India becoming its top buyer for seaborne oil. Meanwhile, there have been no disruptions in BPCL receiving Russian crude due to the Red Sea crisis and the company will buy crude from any source as long as it is financially viable, head of refineries Sanjay Khanna said on the sidelines of the India Energy Week event in Goa.
Indian refiners opt for cheaper Urals crude as Russian grades get expensive
In October, Indian refiners increased their demand for cheaper Urals crude from Russia while reducing imports of more expensive Russian grades. Urals, sold at a $10 discount compared to grades like ESPO and Sokol, made up 90% of Russia's imports, a significant increase from previous months. This shift was driven by the desire to cut costs amid high and volatile global oil prices due to the Middle East conflict, OPEC+ supply limits, and uncertain demand.
Russian oil sold to India at 30% above Western price cap: Traders
Russia is selling oil to India at a price of nearly $80 per barrel, which is $20 above the Western price cap. This is due to tight global oil markets and strong demand for Russian exports. India has become the top buyer of Russian oil since 2022, and the country's low inventory levels and production cuts have contributed to the increase in prices.
India continues as top buyer of Russian Urals oil in August despite price hikes
Russia's high dependence on India as its main oil buyer is a rising concern for its oil companies this month, as an expected rise in loadings from Primorsk, Ust-Luga and Novorossiysk port in September coincides with a decrease in demand in India amid seasonal maintenance.
Share of Russia crude in oil imports falls to 34 per cent in August
Supplies from Russia fell 23% month-on-month to 1.47 million barrels per day (mbd) in August, even as India's overall crude imports fell 5% to 4.35 mbd, according to energy cargo tracker Vortexa. Russia's seaborne crude exports to China, however, increased to 1.4 mbd in August from 1.3 mbd in July.
Low discount? No problem. India has no plans to stop binging on Russian oil
India’s consumption of Russian crude has soared since last year, with the country becoming a leading supplier, ousting Saudi Arabia and Iraq from the top spots. Officials at four major refiners in India said they would continue purchasing Russia’s flagship Urals blend, arguing similar-quality barrels from the Middle East remain significantly more expensive
BPCL still in talks for Russian oil deal, discounts narrow
Bharat Petroleum Corp is continuing discussions with Russia’s Rosneft to buy oil under a term deal. The refiner’s head of finance said discounts on Russian oil are narrowing, and if they fall further, there would be no good advantage of taking Russian crude. BPCL is India's second-largest refiner and can use around 30%-40% of Russian oil for its three refineries with combined capacity of 726,000 BPD. Indian refiners have been heavily buying discounted Russian oil after many countries imposed sanctions on Moscow due to its invasion of Ukraine.
Russia's share in oil imports at record 42%
Russian oil accounted for 42% of India's total crude imports in May, up 15% month-on-month, defying analysts' expectations of a slowdown due to the Chinese competition. India imported a record 1.96 million barrels per day (mbd) from Russia in May, according to the energy cargo tracker Vortexa. This was more than the combined imports of 1.74 mbd from the next four largest suppliers - Iraq, Saudi Arabia, the UAE and the US.
India remains top destination for Russian Urals oil in April
Attractive prices for Urals mean good margins for Indian refiners while term contracts between Russian and Indian companies and lower freight rates are also helping keep supplies elevated, one of the sources said. Last month Russia's Rosneft and Indian Oil Corp announced a supply deal for up to 1.5 million tonnes of Russian oil (11 million barrels) per month from April 1.
Russia shifts to Dubai benchmark in Indian oil deal: Sources
Russia's top oil producer, Rosneft, and India's leading refiner, Indian Oil Corp (IOC), have abandoned the Brent benchmark in favour of using the Asia-focused Dubai oil price benchmark in their latest deal. The move is part of Russia's shift towards Asia following European rejection of Russian oil after the annexation of Ukraine. The deal means that Rosneft will double oil sales to IOC, according to sources, with Russia becoming India's largest oil supplier in the past months.
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