India's Russian oil imports hit 10-month high on strong ESPO demand

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India's Russian oil imports hit 10-month high on strong ESPO demand - Business Standard

Quick Summary:

Another source said ESPO delivered to India is currently trading at a premium of between 50 cents and $1 per barrel to Dubai prices.

The purchases took place prior to the latest sanctions by the EU and Britain on Moscow's "shadow fleet" of oil tankers and financial firms.

More ESPO was offered to India as Chinese state-owned companies continue shunning sanctioned crudes and crude quotas are running tight for Chinese independent refiners, analysts said.