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10h ago

India’s Russian Crude Oil Imports Surge to 10-Month High on ESPO Demand

Driven by refinery needs and reduced Chinese buying, Indian refiners are set to import nearly 1.8 million barrels per day of Russian crude in May, with strong ESPO Blend purchases pushing up spot premiums.

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Overview

  • India’s Russian crude imports are expected to reach 1.8 million barrels per day in May, the highest level since July 2024, according to ship tracking data from Kpler.
  • The surge is fueled by increased purchases of ESPO Blend, a lighter grade exported from Russia’s Far East port of Kozmino, as Indian refiners respond to favorable margins and market conditions.
  • Indian refiners have pre-booked over 10 cargoes of June-loading ESPO crude, with demand likely to remain strong into July.
  • Reduced Chinese buying, driven by state-owned refiners avoiding sanctioned crudes and tight import quotas for independents, has redirected more ESPO volumes to India.
  • Refinery maintenance at Reliance Industries and MRPL has increased feedstock needs, with some ESPO deliveries linked to a long-term supply deal with Rosneft.