Overview
- Imports from Russia are projected at about 600,000–650,000 barrels per day in December, the lowest in at least three years, after November arrivals swelled to roughly 1.87 million bpd on stockpiling.
- U.S. sanctions on Rosneft and Lukoil that took effect on November 21 have turned barrels linked to those firms into legally risky supply for Indian refiners.
- Most refiners paused new Russian purchases, with Indian Oil and Bharat Petroleum limiting buys to non‑sanctioned entities, while Nayara Energy continues to process Russian grades.
- Reliance halted Russian crude at its export‑only Jamnagar SEZ refinery effective November 20 to comply with EU rules, directing later Russian cargoes to its domestic‑focused plant.
- Urals is being offered at the steepest discounts in at least two years—up to $7 a barrel to Dated Brent—yet only about one‑fifth of available cargoes are from non‑designated sellers, prompting selective talks and bank workarounds using dirhams or yuan for compliant trades.