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India increases ESPO crude imports as Middle East deliveries slump
Russia’s Far East ESPO exports rose 6% in January-July, while China’s share fell to 83% from 88% as India took a larger role.
India has increased its purchases of Russia’s Far East crude blend ESPO in the first seven months of the year, with the shift linked to weaker Middle East supply and China’s pullback from the spot market earlier in the Iran war period, OilPrice reported.
Russia’s ESPO exports from the Far Eastern port of Kozmino rose by 6% in January-July from a year earlier, according to data cited from Argus and reported by OilPrice.
Even as China remained the key buyer, its share of Kozmino ESPO shipments fell to 83% from 88%, while India’s share rose to 16% from 12% over the same January-July window, based on figures from Vortexa and Kpler cited in the report.
OilPrice also noted that India’s higher ESPO imports followed a slump in Chinese oil imports between May and June and supply disruptions in the Middle East that delayed term cargoes expected by Indian refiners in early summer.
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