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


SINGAPORE: Private Indian refiners are jostling with independents in China for Russian ESPO crude loading in April, pushing prices higher after Moscow lowered exports of its flagship grade Urals, industry sources said.


China, which is set to import record volumes of Russian crude in March, typically sweeps up all of the ESPO crude exported from the Pacific port of Kozmino due to close proxmity while sanctions on Russian oil have shrunk the pool of buyers.


However, for April, Reliance Industries Ltd and Nayara Energy have snapped up at least five of the about 33 ESPO crude cargoes due to low prices, four people familiar with the matter said.

然而,据四名知情人士透露,由于价格低廉,信实工业有限公司和Nayara Energy在4月份抢购了大约33艘ESPO原油中的至少5艘。

Reliance and Nayara did not immediately respond to requests for comment.


One of the sources said prices for April-loading ESPO crude to India were about $5 a barrel below Dubai quotes on a delivered ex-ship (DES) basis.


Indian refiners mostly buy Russian oil on a delivered basis, with the seller arranging for insurance, freight and ship.


While most cargoes are below the price cap imposed by G7 countries and the European Union, prices of Russian low sulphur oil purchased by India have risen above the $60 a barrel cap due to rising demand. China has also been buying ESPO at above the price cap level, according to Reuters calculations.


Indian companies are using non-dollar currencies to settle payment for certain niche Russian crudes and are avoiding use of Western services and banks to avoid sanctions.




Dr Vidyadhar Yellutla

One of the main reason why Pakistan inflation is 40%, India under Modi started constructing huge oil reservoirs from 2015 onwards and multiplied it during pandemic. Saudi Arabia reduced production and suggested to consume oil from the reservoirs that India built, but Modi found Russia. and he has the best policy Nation first policy, he does business with Israel,Russia and Saudi Arabia. Had faake gandhis been there, we would have lost another trillion $ due to family first policy.


karthik• Dr Vidyadhar Yellutla

Lol .. even modi is not aware of this


Tamal Chaudhuri•7• Dr Vidyadhar Yellutla

Yes nation first policy… MY FOOT u sanghi. Why was tje cheap oil benefit not passed on to us when the inflation is high



User Kumar• User Kumar

Prices of oil cant be subsidised..........Result of subsidising are seen in Lanka and Pakistan........The only option is go for solar or wind or hydo electricity and electric cooking and vehicles



Balhans Jayaswal

India going great guns.



Pappu Pass•27443• Pappu Pas

When prices are low..still M0di made middle class toncough up more cost..now with hike in crude price...Sky is limit..now.



rovingeyein• Pappu Pass•Timbaktu

Do you understand how the oil markets work and have you seen the impact of higher inflation and interest rate hikes of the US Federal Reserve and much of the Western world on India 's neighborhood? India has managed to weather the inflation and rate hike storm relatively well by withstanding enormous pressure to move away from buying cheaper Russian oil and gas.



Hindu Rastra•3908• Pappu Pass

Once Indians start refusing subsidies and free doleouts, automatically prices for other things will come down. You enjoy massively subsidised public transport, poor enjoy free rations, farmers get free money in bank account, women get discounts on everything including paying income taxes, medical expenses free upto 5 lakh. Do you think all this does not cost money? who is paying for all this. Once people start paying full price for everything, you will not have to pay high fuel costs.




indian govt buying Russian crude at low prices from last 1 year and not reducing petrol diesel prices which is loot by govt


Iris•43482• iindian•Mumbai

choo Indian Gov are not in business of buying oil.

Companies are



truth seeker•18655• Iris

Rightly said. They only imposr taxes so the prices never come down.

Russia gives oil free the taxes will be there.



Tamal Chaudhuri•7• Tamal Chaudhuri

See the bhakts IQ… when crude was $ 60 the price of fuel crossed ₹ 100. When reliance buys and refines and sells outside india they make huge profit. Money goes to PM fund to buy MLAs and MPs.



Pappus real fsther• Tamal Chaudhuri•london

You big mouth and big axs doesn't realize that india bought 20 pto 30 percent not 100 percent of its oil. In essence, buying from Russia prevents the price from.increasing. and lot of refined.oil is going to europe and us. So that brings price up. It's not as straightforward



Aspire to Inspire•50424• Aspire to Inspire•Imperfect World

For the consumer on street, the price did not drop when import cost was lower. Hope this increase in cost will not affect the common man on street too.



N Renganathan•52917•Chennai

slowly dollar hegemony is coming to an end ! whether Uncle Sam likes it or not ! let a brand new currency under aegis of world bank be evolved as alternative to U S dollars ! but first free WB from clutches of America !



Sasha Sasha•4664• Sasha Sasha

Prices go up and then down. GOI is not going to increase prices as it is election time



User Mehta•18899• User Mehta•Mumbai

India & China allowing Russia to stay financially independent



Guest Login

Buying cheap russian oil and looting common indian people by jacking up prices of petrol and lpg. This is biggest con by Feku government.



Dssa•7158• Dssa

Now it is understandable why the fuel price for general people is not coming down in spite of getting cheap Russian oil. These oil is going to private companies to export to other countries to make profit. Govt. will most likely to earn a meagre 15% of the profits done by these private players as tax.



Navin Shah•47378•Mumba

USA boasts America first indias nationalist prime Minister modijee also boasts India first giving a huge jolt to western countries America and the European union



Voxpopuli•10555• Voxpopuli

Wonder who Putin will favor. The Chinese or India? He will definitely go for the higher price which country he needs more. Will have to wait and see.



voxpappuli voice of pappus• Voxpopuli•london

And US will go with Pakistan. Their best buddy. Helped them kill 3 million Bangladeshis and went against India when India tried to help innocent people. Russia will stay neutral. India has saved their economy when the west tried to wreck it. Just like they wanted to split India into parts they have failed to split russia.



Munish Anand•15366• Munish Anand

We must focus on solar power.



Sudheir Arun•1300• Sudheir Arun

Only option is to use alternative sources of energy



User Qiozani•11848• User Qiozani

Whatever the oil price poor customers are going to suffer anyway...as Modi bjp won't pass on the benefits of cheaper oil to customers who reeling under records inflation with no increments...


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