India’s purchases of discounted Russian oil could climb to a yet another record of over 2 million barrels a day this month. And India’s oil ties with Russia are set to surge further with the signing of a new deal between Russian giant Rosneft and IndianOil Corporation that will substantially boost energy sales.
India has been buying mostly Urals oil but the new agreement means that we will be buying Arctic grades such as Novy Port, and ARCO and also the ESPO grade oil which currently mostly goes to China. India emerged as the largest buyer of Russia’s benchmark Urals grade crude in March and deliveries to India are poised to make up more than 50 per cent of all seaborne Urals exports this month. China will be in second place.
