Overview

• Preliminary Kpler data show Nayara received about 242,000 bpd of Russian crude in August and roughly 331,000–332,000 bpd so far in September, with September intake entirely Russian.
• Western shipping companies are refusing to carry Nayara’s non-Russian cargoes, and there were no deliveries from Iraq or Saudi Arabia in August or September after about 120,000 bpd in July.
• Operational strain has deepened, with reduced runs at the 400,000 bpd Vadinar refinery, the CEO’s resignation, and international contractors such as Technip Energies and PT Timas Suplindo exiting projects.
• The EU blacklisted Nayara in July, tightened the oil price cap, and set a ban on EU imports of fuel made from Russian crude starting January 2026.
• Nayara has redirected product exports to alternative markets, including about 30,000 bpd to the UAE so far in September, while analysts say fuller effects of shipping and payment frictions may emerge later as July-fixed contracts unwind.