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India jostles with China for April ESPO crude from Russia, prices jump

According to Export Import data, pricing for April-loading ESPO crude to India was roughly $5 per barrel lower than Dubai-delivered ex-ship (DES) quotations. Indian refiners often buy Russian oil delivered, with the supplier managing insurance, freight, and shipping.

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India jostles with China for April ESPO crude from Russia, prices jump

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  1. India jostles with China for April ESPO crude from Russia, prices jump www.seair.co.in

  2. According to Reuter’s calculations, April-loading Murban crude is around $9 per barrel more expensive than ESPO shipped to China and India. According to industry insiders, private Indian refiners are competing with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow reduced exports of its flagship grade Urals. Due to its close proximity to the Pacific port of Kozmino and the fact that sanctions on Russian oil have reduced the pool of customers, China, which is scheduled to import record volumes of Russian crude in March, normally sweeps up all of the ESPO crude sent from the port.

  3. According to Export Import data, pricing for April-loading ESPO crude to India was roughly $5 per barrel lower than Dubai- delivered ex-ship (DES) quotations. Indian refiners often buy Russian oil delivered, with the supplier managing insurance, freight, and shipping. While most cargoes are priced below the G7 and EU price caps, prices of Russian low-sulfur oil imported by India have gone above the $60 per barrel cap due to rising demand. According to Reuter’s calculations, China has also been purchasing ESPO at prices higher than the price cap. According to one of the sources, pricing for April-loading ESPO crude to India was roughly $5 per barrel lower than Dubai-delivered ex-ship (DES) quotations.

  4. Indian refiners often buy Russian oil delivered, with the supplier managing insurance, freight, and shipping. While most cargoes are priced below the G7 and EU price caps, prices of Russian low-sulfur oil imported by India have gone above the $60 per barrel cap due to rising demand. According to Reuter’s calculations, China has also been purchasing ESPO at prices higher than the price cap. According to Export import data in India, seaborne ESPO crude exports averaged 800,000 barrels per day in 2022, accounting for 17.3% of Russia’s total seaborne exports. Although Moscow reduced shipments from its western ports by 10% in March compared to the previous month, exports of flagship Russian-grade Urals totaled 1.74 million bpd. Nevertheless, China’s ESPO purchasing spree continues as the government exits its zero-COVID regime, resulting in a resurgence in gasoline demand from industry and the transport sector. This month, China’s seaborne imports of Russian oil are expected to reach a record of roughly 43 million barrels, including at least 20 million barrels of ESPO.

  5. According to Export Import data on Refinitiv Eikon, the lumpsum freight rates for tankers carrying petroleum from Russia’s Far East port Kozmino, a major ESPO export center, to northern China reached an all-time high of $2.4 million in February before falling to $2.3 million this month. India and China are two of the world’s largest oil importers and are in fierce competition to secure supplies of crude oil. Both countries have been jostling for the April ESPO crude oil supply from Russia, resulting in a significant price jump. ESPO (East Siberia Pacific Ocean) crude oil is a type of oil that is produced in Russia and exported to Asia through a pipeline that runs from Russia’s Siberian oilfields to the port of Kozmino on the Pacific coast. This oil is a popular choice for Asian countries as it is low in sulfur and has a high yield of gasoline and diesel. Get Export import data in India

  6. How India relies on Oil Imports India, which relies heavily on oil imports, has been competing with China for the April ESPO crude oil supply from Russia. According to Export Import data, Indian refiners have been offering premiums of up to $1.20 per barrel over the official selling price to secure the crude oil. This has resulted in a significant price jump, with the price of ESPO crude oil rising to its highest level in more than a year. China, which is the world’s largest oil importer, is also competing for the April ESPO crude oil supply. The country has been importing record amounts of crude oil in recent months as its economy continues to recover from the COVID-19 pandemic. According to reports, Chinese refiners have also been offering premiums to secure the ESPO crude oil supply from Russia. Get Export import data in India The competition between India and China for oil supplies has been going on for years. Both countries have been looking to diversify their sources of oil and reduce their dependence on the Middle East. Russia has become an increasingly important source of oil for both countries. Also, if you need accurate Export Import data or Export import data in India, Seair Exim Solutions is one of the best websites to obtain trade data in India. Connect now for a live demo today!

  7. Oil Price Shocks & Conflict Escalation Thank you! www.seair.co.in

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