OIL: Russian Crude to India Rose in Oct. Ahead of US Sanction Deadline
Nov-13 10:13
India may boost Russian crude oil imports in Nov as refiners rush to secure Russian cargoes ahead of the US sanctions deadline to wind down transactions involving Rosneft and Lukoil on Nov. 21, according to Platts.
- Imports from Russia increased to 1.69mb/d in October from 1.64mb/d in September due to higher domestic demand during the festival season and higher refinery throughput.
- Diversification to non-Russian suppliers is expected from December. Refiners have already begun securing import deals with suppliers from North America, Africa and South America and negotiating higher term volumes with traditional suppliers.
- "Future inflows will depend on how strictly the US enforces these sanctions and whether companies are willing to take any risks. Indian companies may still purchase from unsanctioned sources," said Premasish Das at S&P Global Commodity Insights.
- Five large Indian refiners accounting for two-thirds of India’s imports of Russian oil so far this year haven’t placed any orders for Russian oil for December, sources told Bloomberg.
Source: S&P Global Commodity Insights
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