Russia Dominates India’s Oil Imports in July on Strong Urals, ESPO Flows

In July, Russia emerged as the leading supplier of oil to India, driven by robust flows of Urals and ESPO crude. This shift highlights the growing energy ties between the two nations. The increased imports from Russia are part of India’s strategy to diversify its energy sources and secure more favorable pricing.

Key Points:

• Dominance in Imports: Russia became the top oil supplier to India in July.

• Urals and ESPO Crude: Significant volumes of Urals and ESPO crude contributed to this dominance.

• Energy Diversification: India’s move aligns with its broader goal of diversifying energy sources.
  

Table: India’s Oil Imports in July

Note: Urals and ESPO are two types of Russian crude oil blends:

• Urals: This is a blend of heavy sour crude oil from the Urals and Volga regions with light oil from Western Siberia. It is primarily exported to Europe through pipelines like the Druzhba pipeline.

• ESPO (Eastern Siberia-Pacific Ocean): This is a lighter, sweeter crude oil blend transported via the ESPO pipeline to the Asia-Pacific region, particularly China.

Both blends are significant in the global oil market, with ESPO being favored by Chinese refineries.