Overview
- Reliance has purchased millions of barrels from suppliers in Saudi Arabia, Iraq, Qatar and the United States, with deliveries slated for December and January, traders told Bloomberg.
- The U.S. sanctioned Rosneft and Lukoil on Oct. 22 and set a Nov. 21 deadline to wind down existing transactions, raising compliance risks for direct purchases.
- Analysts expect direct Russian crude flows to India to decline after the deadline, with Kpler forecasting stability until then before a drop in volumes.
- Refiners are lining up replacement barrels from the Middle East, the United States, Brazil and other regions, while some Russian grades may still move via unsanctioned intermediaries with greater caution.
- Spot buying has lifted regional benchmarks, including stronger Oman pricing and wider Dubai prompt timespreads, with Brent reported up more than 5%.