Russia Oil Production

The EU's ban on importing products produced from Russian crude is aimed at curbing oil revenues Moscow uses to fund the Ukraine war

Discounts for ESPO Blend, delivered from the Pacific port of Kozmino to China, widened to nearly $9 a barrel to ICE Brent this week, from $7-$8 in recent months

The MEA said India is open to sourcing crude from Venezuela and other countries based on commercial viability, adding that energy security for 1.4 billion people remains its top priority

After India-US trade deal, Kremlin says India has always bought oil from many countries; Moscow sees India's plan to diversify oil supplies as nothing new or surprising

In comparison, central government-owned ports grew 9%

Along with price discounts, India must replace around 1.7 million barrels per day of average Russian crude imports

Only two state-run refiners Indian Oil and BPCL and Russia-backed Nayara Energy Ltd purchased crude oil from Moscow in January

Donald Trump claimed India will buy Venezuelan oil instead of Iranian crude as Washington moves to cut Russia-linked oil trade and ease some sanctions on Venezuela

While New Delhi has 'made a lot of progress' on curbing buys of Russian crude, "it's hard for them" to completely wean off the supplies, said US Trade Representative Jamieson Greer

India will continue to look out for the best prices and best margins for its refiners, strategically changing its buying slate while also dropping Russian imports slightly, a Kpler analyst said

Shipping and production data show Russian crude exports since November exceeding available non-sanctioned supply, with Indian and Chinese refiners absorbing most of the excess flows

Indian refiners are recalibrating their strategies to shift away from top supplier Russia and boost imports from the Middle East

In a sign of the overall trend, Russia's oil exports recently fell to the lowest since August, as Moscow faced mounting difficulties in delivering barrels to key buyer India

Reliance last received Russian crude in December after securing a one-month US concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft

The Trump administration is weighing a Russia sanctions bill by Senator Lindsey Graham that would allow the US to impose tariffs of at least 500 per cent on countries that continue buying Russian oil

The US in October sanctioned Russia's two largest oil producers - Rosneft and Lukoil - giving companies until November 21 to wind down dealings with them

India is diversifying its crude slate by stepping up purchases from traditional suppliers such as Iraq and Saudi Arabia

The country imported about 1.3 million barrels a day of Russian crude in December, according to data from ship-tracking firms Vortexa Ltd. and Kpler

RIL has cut Russian oil imports by 49 per cent, while the state-run refineries reduced it by 15 per cent in the month, said CREA

This despite West sanctions on Russian oil and Suez Canal hurdles