Page 131 - RusRPTApr24

discount of around $3.5-4 per barrel to dated Brent, the sources said. Freight rates for Aframax ships, which usually load some 720,000 barrels of Urals crude in Primorsk or Ust-Luga for a one-way voyage to Indian ports, remain around $7.5mn, also in line with rates for March-loading cargoes, the sources said. "Urals prices hold firm. There's no pressure, as Indian buyers will likely get fewer Russian barrels loading in the second half of April," one of the sources said citing preliminary offers of Urals loading next month. Russian Urals and KEBCO oil loadings have been set at 2.2mn metric tonnes during April 1-10versus 2.4mn tonnes over March 1-10.
Indian refiners buy more US crude as Russia sanctions tighten About 7.6mn barrels of oil, or 256,000 barrels per day (bpd), were headed to India on three very large crude carriers and three Suezmax vessels, according to ship tracking firm Kpler. India, the world's third-biggest oil importer and consumer, is looking to diversify its oil supplies as fresh US sanctions on Moscow threaten to dent Russian oil sales to India, the biggest buyer of Russian seaborne crude. Last month, the US tightened efforts to reduce Russia's oil trade adding sanctions on state-owned shipping firm Sovcomflot and 14 crude oil tankers involved in Russian oil transportation. India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent US sanctions, sources told Reuters last week.
Indian oil refiners are on track to take the most American crude in almost a year after tighter enforcement of US sanctions crimped trade with Russia and forced processors to look elsewhere for supply. State-owned Bharat Petroleum Corp. and Indian Oil Corp., along with top private refiner Reliance Industries Ltd., have purchased about 7mn barrels of April-loading US crude so far this month, said traders who asked not to be identified. That would be the largest monthly volume since May, according to Kpler. Russian crude flows to India surged after the invasion of Ukraine and the OPEC+ producer is still the biggest supplier to the South Asian nation, but tighter US sanctions have stranded cargoes and discounts have narrowed. India has also ramped up purchases recently from Saudi Arabia. Most of the US crude purchased this month has been West Texas Intermediate Midland, and the delivered cost is more expensive than barrels from the Middle East, according to traders. Russia’s Sokol oil — which is comparable to WTI Midland — has been the most affected by the disruptions.
India receives from Russia from 1 to 1.4 million barrels of oil per day out of its total energy imports of 5 million barrels per day, this volume was supplied last year and will be maintained this year, Secretary of the Indian Ministry of Petroleum and Natural Gas Pankaj Jain told TASS. "As for volumes, usually last year we received 22%, 25%, 27% from Russia. This year we continue [to receive the same volume]," Jain said. In total, India imported 85 to 88% of its energy last year, he added.
The Energy Ministry of Kazakhstan is going to scale up Russian gas transit to
131 RUSSIA Country Report April 2024 www.intellinews.com