(HT)
India’s imports of Russian oil are on track for the highest level in 10 months in May, with more crude being sourced from eastern ports as supply chains are rebuilt after sweeping US sanctions.
The South Asian nation has purchased 1.98 million barrels a day from the OPEC+ producer so far this month, according to Kpler, with the Urals grade making up most of the volume. Imports are continuing to climb after tumbling to a 14-month low in February as US penalties disrupted the Russian oil trade.
Since then, more non-sanctioned tankers have joined the trade and Indian oil refiners have worked with merchants, shippers and other middlemen to keep cheaper Russian crude flowing.
In April, India imported Sokol from Russia’s east for the first time since October, according to Kpler.
The volume of crude from eastern ports, including ESPO, has averaged 225,000 barrels a day so far in May, which will be around 60% higher than April if the trend continues throughout the month, Kpler data shows. There are currently 10 ESPO cargoes set to load in June for India, which would be near a record.
India has been a major consumer of Russian crude since the invasion of Ukraine in 2022, with discounted oil helping to bolster refining margins. Some state-owned refiners are planning to take more from the spot market this year, including Indian Oil Corp., the nation’s biggest processor.
