Overview

• Ship-tracking by Kpler points to roughly 1.7 million barrels per day of Russian crude to India in October, a rebound from September’s 1.61 million bpd.
• Urals differentials for November loadings widened to about $2.00–$2.50 per barrel versus Dated Brent, up from around $1 in July–August.
• Industry sources say Indian refiners may increase purchases in the coming months given deeper discounts and ample supply.
• Washington imposed a 50% levy on U.S. imports of Indian goods in August to curb Russian oil flows, while Indian officials describe the buying as price-driven and recent talks as constructive.
• State processors are pursuing 2026 term deals with Middle Eastern and African suppliers to retain flexibility if Russian flows or politics shift.