Overview
- Russia’s seaborne crude exports posted the steepest weekly drop since early 2024, with the four‑week average down to about 3.58 million barrels per day as of Nov. 2, according to Bloomberg vessel‑tracking data.
- Undelivered Russian oil held at sea has climbed to more than 380 million barrels as refiners delay taking cargoes.
- Reliance Industries cut Russian crude intake to roughly 534,000 barrels per day in October, reducing Russia’s share of its slate to about 43% while lifting purchases from Saudi Arabia, Iraq and the United States, and it is preparing to stop buying from sanctioned entities after the Nov. 21 deadline.
- Indian Oil Corporation bought five shipments via a non‑sanctioned supplier through the ESPO pipeline and its CFO said the company will continue sanctions‑compliant purchases.
- Refiners in India, China and Türkiye have paused or reduced Russian orders as they assess compliance risk, contributing to a drop in Moscow’s oil revenue to the lowest since August and prompting greater reliance on alternative suppliers under evolving EU export guidance.