Why Russia Is Retracting From Selling Crude To India?

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A Russian crude oil provider Rosneft is holding back its hand to shake with two eager Indian buyers, sources have confirmed.

As Kremlin entered into the so called ‘special military operations’ in the Ukraine, defying all Western warnings, it has been severely hit by sanctions and the world isn’t buying crude from this world’s largest seller.

Now India seems to be facing empty barrels as Russia is retracting from selling it more crude. Drawn to the discounts offered, three Indian state refiners – Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum – opened negotiations with Rosneft earlier this year for six-month supply deals.

Apart from IOC, the other two are not being entertained. The reasons being given are that Russia is not interested in levying any kind of rebate or concession on its crude as it has found various other means to get it out in the world on better pricing.

India largely buys Russian Urals crude, but the most recent IOC deal includes an option of supplies of ESPO Blend from the Russian port of Kozmino and Sakhalin’s Sokol grade as well, one of the sources said. Indian refiners are however continuing to lift some volumes from the spot markets, and HPCL and BPCL might get about 1 million-2 million barrels of Russian oil in July, the sources said. 

 

Rosneft has been using trading firms like Everest Energy, Coral Energy, Bellatrix and Sunrise to push its crude into the trade economy. It doesn’t seem to be severely affected by the sanctions by the western world; and has found ways to mediate the same. 

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