According to Reuters, the Russian crude oil loads from Baltic ports will increase by 50% as Asian oil demand rises.
Reuters reported that Russian Urals and KEBCO crude oils loadings, specifically from the ports at Primorsk, Ust-Luga, will see an increase. They also added that some 70% of those loads will be headed to India.
According to Reuters, Russia loaded 4.7 Million tonnes of Urals from the Baltic ports in December.
Russia accounts for 25% of India’s crude oil purchases. Some sources say it is closer to 30%.
We saw Indian crude oil imports from Russia rise to over 1 million barrels per day in December. Reuters’ January calculations indicate that this is likely to continue.
According to Telegraph India, India has purchased Russian crude oil at 1.7 million per day so far in January.
This is how Russian crude oil continues to enter the United States. The United States is a major purchaser of Russian oil refined in Indian refineries, particularly VGO-virgin oil oil.
Viktor Katona (Kpler’s chief crude analyst), says that the U.S. purchases approximately 200,000 bpd from Reliance in India.
Surprisingly, the United States is the largest destination country for Indian products. Katona says that Reliance and Nayara are the largest exporters to the United States.
Katona said that India has cut back on purchases from Saudi Arabia.
Reuters reports that the company is increasing its physical purchases Russian crude oil.
Bloomberg reported last week that Russian crude oil shipments from key export terminals fell by 22%, but the average four-week figure for experts remained at around 3,000,000 bpd. This is consistent with Q2 2022.