India Boosts Far East Russian Oil Imports Amid Global Disruptions
India has increased its purchases of Russia's Far East crude blend ESPO in the first seven months of this year, according to Russian daily Kommersant. Total exports of the ESPO grade from Russia's Far Eastern port of Kozmino rose by 6% in January-July from a year earlier, while China's share of shipments fell to 83% from 88%. India's share increased to 16% from 12%, with Indian refiners viewing ESPO as a backup option due to higher costs and delivery times compared to their preferred Urals blend.
The rise in Indian ESPO imports is attributed to logistics reasons and the Chinese pullback between May and June, said Dmitry Prokofiev, director of external communications at NEFT Research. India typically raises its ESPO imports only when China retreats or when supply disruptions occur.