Overview
- Indian Oil and Bharat Petroleum bought about 10 cargoes of non‑sanctioned Russian crude for January delivery at discounts of roughly $6–$7 a barrel to Brent, according to people involved.
- Hindustan Petroleum is seeking January‑delivery barrels from non‑sanctioned suppliers, with recent trades including Urals grade, sources said.
- Reliance Industries has halted Russian purchases and is avoiding even term volumes under its Rosneft contract, with Kpler showing its last Urals cargo due at Jamnagar on Dec. 17.
- Four of India’s seven largest refiners are now procuring Russian barrels through workaround channels, and along with Nayara they accounted for just over 60% of India’s oil imports this year, Kpler data indicate.
- Imports from Russia are expected to decline to about 1.3 million barrels a day in December and near 1.0–1.2 million in January, even as traders in India value Russian crude around $40–$45 a barrel.