Overview
- India’s Reliance halted Russian crude intake at Jamnagar on Nov. 20, saying exports from Dec. 1 will be made from non‑Russian feedstock to safeguard market access under tightening Western rules.
- Tanker data show Russian loadings bound for India fell about 50% in Nov. 1–20 versus October, while Indian refiners moved to book more Middle East cargoes for late‑November and December delivery.
- Urals prices slumped to the high‑$30s per barrel last week with discounts widening to as much as $23 versus Brent, as buyers priced in sanctions risk and some Chinese majors reportedly stepped back.
- Oil prices whipsawed this week, dropping on reports of a possible U.S.-drafted Ukraine peace framework and then edging higher as traders braced for the Nov. 21 wind‑down, with EIA data showing a 3.4 million‑barrel U.S. crude draw.
- Refined‑product markets remain tight with U.S. gasoline and distillate stocks below five‑year norms and refining margins at two‑year highs, even as crude supply looks ample with record volumes at sea and longer transit routes.