India increases Russian ESPO crude purchases in spring 2025

According to LSEG data, India increased its purchases of Russian ESPO light crude in April to the highest level since last August. The surge is attributed to weak demand from China, the main consumer of ESPO. With the lack of competition, Indian companies were able to stockpile more fuel than usual, as reported by Reuters analysts.

This spring's decline in Chinese companies’ demand for ESPO was driven by tougher US restrictions against Russia, as well as maintenance shutdowns at several refineries. As a result, India ramped up its purchases of available oil supplies. In March, India bought around 100,000 tons of ESPO. This month, it has already purchased 400,000 tons, as indicated by LSEG data.

The company also reported that India is expected to buy about 200,000 tons of ESPO in May. Weak demand in China and an attractive price below $60 per barrel will contribute to the increase, Reuters added.