India Ramps Up Russian ESPO Oil Imports as Chinese Demand Wanes

India has sharply increased its imports of Russia’s ESPO Blend crude in April, capitalizing on reduced Chinese demand and favorable pricing. Supplies to Indian ports have surged to around 400,000 metric tons this month, a significant jump from just one cargo of 100,000 tons in March, according to LSEG and trader data. This marks India’s highest ESPO intake since August of last year, Reuters data shows.
Indian refiners, typically cautious toward ESPO due to its higher logistics cost and premium over Russia’s Urals crude, have found new opportunity as Chinese state refiners scaled back purchases amid sanctions pressures and seasonal refinery maintenance.
“Recently traders have started offering us more ESPO volumes. Seems there is low demand in China for ESPO,” said a source from India’s oil industry.
With global benchmark prices weakening, the cost of Russian oil — including ESPO — has fallen below the $60 per barrel Western price cap, making it even more accessible for Indian buyers. Projections suggest another 200,000 metric tons of ESPO Blend could arrive in India in May, with further increases likely if Chinese demand remains subdued.
However, China’s Sinopec has resumed purchases for May, which could tighten availability and impact India’s future buying momentum