India Approaches 15 Million Barrels of Russian Crude Amid U.S. License

Odaily Planet Daily reports that vessel tracking data shows over 15 million barrels of Russian crude are currently in waters near India, providing a swift response pathway for India to address Middle East supply shortages following the U.S. issuance of a temporary license permitting purchases. These barrels are distributed across more than a dozen tankers in the Arabian Sea and the Bay of Bengal, seemingly unsold and without designated ports of destination, and are expected to arrive in India within a week. Additionally, approximately eight more vessels carrying around 7 million barrels of Urals crude are standing by in Singaporean waters and could also reach India within a week. Further cargoes are being transported eastward via the Mediterranean and the Suez Canal, with potential arrival in India expected within a month. Kpler data indicates that tankers loaded with Russian oil began altering course toward Indian ports even before the U.S. government issued its license on Thursday evening; currently, about 18 Urals crude tankers are showing destinations for India. Analyst Sumit Ritolia of the data intelligence firm stated: “Refiners may rapidly resume procurement, with daily purchase volumes potentially rebounding above 2 million barrels in the short term. The deep discount previously offered on Russian crude may narrow significantly—or even turn into a premium.” (Jinshi)