New Delhi: India’s Russian crude oil imports will hit close to 1.8 million barrels per day in May. This is the highest in 10 months. Data released by ship tracking data from Kpler showed this.
As per reports, Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week. Crude distillation unit shutdowns at India’s major refineries Reliance Industries and MRPL have increased import requirements for feedstock at fluid catalytic crackers on favorable margins.
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India is the world’s third-largest oil importer and consumer. The robust demand for the lighter Russian grades is expected to last into July as.
India’s demand has pushed up ESPO prices for China. Offers for July-loading cargoes stood at around $2 per barrel premiums for delivery to Chinese ports, up from the $1.50-$1.70 a barrel traded for June-loading cargoes.
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