India Boosts Far East Russian Oil Imports as War Upends Trade Routes

AI Summary

India increased its imports of Russia's Far East ESPO crude oil in early 2024 as war-related disruptions altered trade routes. China's reduced purchases and Middle East delivery declines following the Strait of Hormuz closure contributed to India's increased uptake.

India raised its purchases of Russia’s Far East crude blend ESPO in the first seven months of the year as China backed out of the spot market in the first months of the Iran war and deliveries to India from the Middle East slumped with the closure of the Strait of Hormuz. Total exports of the ESPO grade from Russia’s Far Eastern port of Kozmino rose by 6% in January-July from a year earlier, Russian daily Kommersant reported on Wednesday, citing a report by Argus. China remained the key buyer of ESPO crude, but its share of the shipments…