ESPO supplies to India in 2023 averaged around 95 thousand barrels per day.
India, the largest buyer of marine oil in the Russian Federation, has not bought ESPO’s premium raw materials, shipped from the port of Kozmino, for two months. This was reported by the Russian publication Kommersant.
Earlier, India reduced shipments of another premium oil grade, Sokol, from the Sakhalin fields due to disagreements over payments for the oil, as well as concerns of Indian consumers after of strengthening the price ceiling for Russian oil.
The main consumer of ESPO oil is China, but India has become the main consumer of this grade. In 2023, ESPO supplies to India averaged about 95 thousand barrels per day, in the second half of 2022 – 60 thousand barrels per day.
As we have already written, according to the International Energy Agency (IEA), Russia’s oil export revenues fell in February amid increased monitoring of compliance with Western sanctions, which reduced the appetite of some consumers.
In addition, the Russian Federation has reoriented oil exports to “friendly countries.”
Source: korrespondent
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