India Opening More Channels to Buy Shunned Russian Crude

State-owned refiners such as Indian Oil are coming around to the notion of purchasing from lesser-known oil traders.

Cover Image Attribute: Flag of Russia and oil rig / Source: 433759598, Bigstock
Cover Image Attribute: Flag of Russia and oil rig / Source: 433759598, Bigstock

According to a report by Bloomberg, a swarm of smaller and less well-known oil traders are making their way to India to sell Russian crude, offering greater discounts and new channels for Indian buyers to purchase supplies rejected by the West. 


India has already been importing crude from Russia at a markdown amid Western sanctions, which has resulted in the country becoming one of Russia's largest oil consumers since Russia's invasion of Ukraine. Some overseas dealers have reportedly been offering Russian Urals barrels at markdowns of approximately $8. It has been reported that state-run refineries such as Indian Oil Corporation are mulling over these deals because they involve less red tape than purchasing straight from Russia. 


Russia's Asian Customers, Bloomberg

According to the statistics provided by Kpler, Indian Oil has been importing crude from Russia at a rate never seen before, allowing it to pass its private competitors and set a new record. India's imports of Russian barrels increased by 3 percent, reaching about 1 million daily. Inflows averaged 450,000 barrels daily in July, a 44 percent increase from the previous month.


Wellbred and Montfort have begun marketing Russian oil to Indian clients, joining Coral Energy and Everest Energy as additional traders appear to fill the void left by larger traders like Vitol Group, according to unnamed authorities.


Some traders are beginning to accept payment in other currencies, such as the Dirhams used in the United Arab Emirates. Separately, India's Reserve Bank of India (RBI) has revealed plans to settle international transactions in Indian Rupees.


Even before the world's top oil traders reduced their handling of Russian crude exports in May, India's typically more agile private petro refiners, such as Rosneft-backed Nayara Energy Limited and Reliance Industries Limited, had already increased their purchases from the smaller traders.


According to Bloomberg, Sri Lanka has also turned to international traders. In May, the country received a consignment of oil from Russia (via a vessel chartered by Coral Energy), and in July, it purchased even more of the commodity.


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IndraStra Global: India Opening More Channels to Buy Shunned Russian Crude
India Opening More Channels to Buy Shunned Russian Crude
State-owned refiners such as Indian Oil are coming around to the notion of purchasing from lesser-known oil traders.
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