Russian Oil Shipments To India, China Rise Amid Middle East Disruptions: S&P Global

(MENAFN- KNN India) New Delhi, Mar 14 (KNN) Imports of Russian crude by India and China rose sharply in the first week of March as Middle East supply disruptions redirected demand toward alternative sources, according to S&P Global's Commodities at Sea (CAS).

Deliveries of Russian crude to its three main buyers - India, China and Turkey - rose to 21.7 million barrels in the week ending March 10, from 20.1 million barrels the previous week.

China recorded the largest increase, importing 12.4 million barrels (up from 10.3 million), while India imported 8.6 million barrels, up 200,000 barrels to a three-week high. Turkey received 700,000 barrels at its Aliaga port, the lowest level in two months.

The rise follows supply disruptions in the Middle East Gulf and shipping constraints around the Strait of Hormuz, pushing buyers to seek alternatives to Gulf crude.

Policy Changes and Shipping Flows

India had earlier reduced Russian imports due to sanctions pressure from the United States and the European Union, recording its lowest intake since 2022 in February.

However, after the US launched 'Operation Epic Fury' on February 28, Washington issued a 30-day sanctions waiver allowing India to import Russian oil already at sea. The International Energy Agency estimates 30 million barrels of Russian crude are currently in tankers offshore India.

Key Indian import terminals included Vadinar (Nayara), the Reliance Industries terminal at Jamnagar, which tripled weekly imports, and Paradip. Stronger buying narrowed the Urals crude discount to USD 9.3/b below Dated Brent on March 11, from USD 12.5/b on February 27.

CAS data shows about 11 million barrels of Russian crude are expected to discharge into India, China and Turkey in the week ending March 17 - 5 million barrels to India, 4.5 million to China and 1.5 million to Turkey.

Refined Product Exports from India

India exported 6.8 million barrels of refined products in the week ending March 10, up 1.2 million barrels from the previous week. About one-third of exports went to Southeast Asia, followed by West Africa, including 1 million barrels of gasoil each to both regions, with no shipments to Europe.

The Jamnagar terminal, operated by Reliance Industries, was the largest exporter, shipping 4.8 million barrels, more than double the previous week. Exports comprised ~50 per cent diesel/gasoil, 25 per cent gasoline or blendstock, and 14 per cent jet fuel.

So far in March, Jamnagar has exported 8.1 million barrels of refined products, mainly to Southeast Asia (3.3 million barrels) and Africa (2.7 million barrels), with no cargoes bound for Europe, CAS data showed.

(KNN Bureau)

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