Overview
- Reuters reported that IOC booked about five ESPO cargoes for December delivery, totaling roughly 3.5 million barrels, via non‑sanctioned counterparties.
- The move follows the cancellation of around seven to eight Russian cargoes after recent U.S. actions targeted linked suppliers, according to Reuters.
- IOC stated it will continue purchasing Russian crude only when transactions meet international sanctions requirements.
- Several Indian refiners, including Mangalore Refinery and Petrochemicals, HPCL‑Mittal Energy and Reliance Industries, have paused Russian purchases after fresh U.S. sanctions on Rosneft and Lukoil.
- Softer Chinese demand for ESPO has pushed prices toward parity with Dubai benchmarks, creating an opening for Indian buying, Reuters reported.