Russian oil imports to India in May are nearing their highest level in ten months. About this informs Bloomberg.
As of May 21, the daily volume of supply was 1.98 million barrels of oil, mostly Urals. The increase followed imports falling to a 14-month low in February due to US sanctions.
Indian refiners have since patched up their supply chains, bringing in unsanctioned tankers, middlemen and traders. In April, India again purchased Sokol oil from the Russian Far East for the first time since October.
The average daily supply of oil from the ports of Eastern Russia, in particular the ESPO grade, in May is 225,000. barrels This is 60% more than in April. At least 10 ESPO shipments to India are expected in June — near a record high.
India has remained one of the largest importers of Russian oil since the beginning of the full-scale Russian invasion of Ukraine in 2022. Indian companies actively use favorable prices to increase the profitability of processing.
The country’s largest oil refining company, Indian Oil, plans to provide 25% of its purchases with Russian oil. Bharat Petroleum wants about a third of the volume of processed oil to come from OPEC+ countries, including Russia.
Indian Oil also intends to reduce the share of supplies under long-term contracts from 60% to 55% in the current financial year, which began on April 1. The company plans to purchase the rest on the spot market.
