Overview
- India’s Russian crude arrivals averaged about 1.1 million bpd in the first three weeks of January, down from 1.21 million bpd in December and well below mid‑2025 peaks, Kpler data show.
- Reliance received no Russian cargoes in January so far, company officials and trackers indicate, while separate Bloomberg‑cited reporting says the refiner has placed new orders for non‑sanctioned cargoes.
- State-run IOC and BPCL increased purchases to roughly 470,000 bpd and 164,000 bpd respectively, and Rosneft‑backed Nayara lifted about 469,000 bpd to capitalize on wider discounts.
- Chinese seaborne intake of Russian crude is set near 1.5 million bpd in January, including a record ~405,000 bpd of Urals, as cargoes redirect from India and Turkey, according to LSEG and Kpler.
- Trade frictions deepened after the EU’s Jan. 21 ban on fuels made from Russian crude, with Bloomberg estimating about 140 million barrels of Russian oil held on tankers as logistics and enforcement constraints slow final deliveries.