• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 17 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
China’s EV Growth Set To Explode in 2024

China’s EV Growth Set To Explode in 2024

China leads the global electric…

India Boosts Imports Of Russia’s Arctic Oil

India continues to buy large volumes of discounted Russian crude and is importing some of Russia’s Arctic crude oil varieties for the first time, taking advantage of cheap Russian cargoes to meet robust demand.

Indian refiners imported last month the first-ever cargo of the Varandey crude blend from the Timan-Pechora oilfields operated by Russian firm Lukoil, according to tanker-tracking data from Vortexa cited by Argus.

Since the Russian invasion of Ukraine, India—the world’s third-largest crude oil importer—has also bought cargoes of other Russian crude grades from the Arctic, such as Arco and Novy Port Light, Argus reported on Friday.

India is also scheduled to receive another four cargoes of the Varandey crude this month, per Vortexa estimates quoted by Argus.

Russia is now the single-biggest oil supplier to India after overtaking Iraq in November.

Before the Russian invasion of Ukraine, India was a small marginal buyer of Russian crude oil. After Western buyers started shunning crude from Russia, India became a top destination for Russian oil exports alongside China.

Russia overtook Iraq to become the single-largest oil supplier to India in November, as Indian refiners raced to stock up on Russian oil ahead of the December 5 price cap and associated bans on transportation services for Russia’s crude. 

India and China are buying Russia’s Arctic crudes, which used to be sold in Europe before the EU embargo. Now, these cargoes are heading East to the two biggest buyers of Russian oil since the invasion of Ukraine.

In China, independent refiners have seen their refining margins jump in recent weeks as they have been able to negotiate steeper discounts for their preferred Russian crude grade, ESPO, even if they buy it above the G7 price cap.

While China hasn’t joined the Price Cap Coalition, the fact that a price cap now exists gives the world’s top crude oil importer, as well as other buyers of Russian crude such as India, more bargaining power to negotiate steep discounts for the Russian crude even outside the price cap mechanism, analysts say.

ADVERTISEMENT

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Mamdouh Salameh on January 06 2023 said:
    Russia has overtaken Saudi Arabia and Iraq to become the biggest supplier of crude oil to the World's largest and third largest importers of oil respectively. China and India alone account for 26% of crude oil imports.

    Moreover, China virtually replaced the EU as Russia's biggest importer of energy products when it bough $100 bn worth of Russian energy supplies in 2022 compared with $108 bn bought by the EU in 2021.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News