Overview
- India’s December arrivals of Russian crude are estimated at about 1.85 million barrels per day, the highest since June, according to Kpler data cited by Reuters and other outlets.
- State-run Indian Oil and Bharat Petroleum recently bought around 10 January cargoes from non‑sanctioned sellers at discounts of roughly $6–$7 to Brent, with Hindustan Petroleum seeking additional supply.
- Reliance Industries has stepped back from Russian crude, avoiding new purchases and declining to lift volumes under its term deal with Rosneft due to sanctions risk.
- Shipments from sanctioned exporters Rosneft and Lukoil have fallen by about 1 million barrels per day while flows from non‑sanctioned Russian producers have risen by roughly 0.5 million barrels per day, Goldman Sachs data indicate.
- Pre-booked loadings and re‑routing through non‑sanctioned channels have sustained deliveries to India even as U.S. officials warn buyers about penalties for transactions above the G7 price cap.