Brief by Shorts91 NewsDesk / 10:06am on 21 May 2025,Wednesday Business
India's Russian crude oil imports are projected to reach approximately 1.8 million barrels per day in May 2025, marking a 10-month high, driven by strong demand for light grades like ESPO Blend. Indian refiners have significantly boosted purchases, particularly for June-loading ESPO cargoes, ahead of the latest EU and UK sanctions on Moscow's "shadow fleet" of oil tankers and financial firms. Shutdowns at major Indian refineries, Reliance Industries and MRPL, have increased import requirements for feedstock at fluid catalytic crackers due to favorable margins. Some cargoes were delivered under a long-term deal between Reliance and Rosneft. The heightened Indian demand has elevated ESPO crude spot premiums in China, where offers for July-loading cargoes have risen to around $2 per barrel above Dubai prices. Chinese state-owned firms have reduced purchases of sanctioned crudes, and independent refiners face tight import quotas, resulting in more ESPO supply directed toward India. Currently, ESPO is trading at a premium of $0.50 to $1 per barrel over Dubai prices in the Indian market. (PC: ET Times)
