Overview
- IOC has booked about 3.5 million barrels of ESPO crude for December delivery to an eastern Indian port at prices near parity with Dubai benchmarks, according to trade sources cited by Reuters.
- The company scrapped seven to eight earlier Russian cargoes tied to newly restricted subsidiaries and says it will keep purchasing only where transactions comply with sanctions, executives told analysts.
- The United States targeted Rosneft and Lukoil with new measures and set a Nov. 21 wind‑down for dealings, prompting buyers to recheck counterparties and shipping arrangements.
- Several Indian refiners, including Reliance Industries, Mangalore Refinery and Petrochemicals, and HPCL‑Mittal Energy, have paused Russian purchases, and one Rosneft‑linked tanker has been idling off Mumbai pending clearance.
- Trade trackers report softer ESPO demand after Chinese state refiners halted buys and independents hit quota limits, and Bloomberg reports IOC is exploring up to 24 million barrels from the Americas early next year to replace volumes.