Hindustan Petrolium Corp. of India bought Sokol oil from a broker. Three additional said that HPCL would presumably pay for the oil in UAE dirhams.
Following a two-month vacation, Nigeria has begun bringing in Russian Sokol oil once more. As per transport following information and four exchange sources, no less than two purifiers have taken conveyance of the light sweet unrefined such a long ways in February.
As indicated by the sources, Hindustan Petrol Corp. of India bought Sokol oil from a broker. Three additional said that HPCL would presumably pay for the oil in UAE dirhams.
Because of stressed relations among Beijing and New Delhi, the public authority exhorted Indian state purifiers last year not to pay for Russian oil with Chinese yuan, constraining them to quit buying the grade.
This brought about one of the biggest disturbances to the Russian oil exchange since the West forced sanctions on Moscow over its tactical activities in Ukraine — in excess of 10 million barrels of unsold Sokol drifting in seaborne stockpiles.
Trade sources and ship tracking data indicate that India did not receive Sokol oil in December and January. As per LSEG transport following information, on February 13, the boat Seagull, which was conveying around 95,000 metric lots of Sokol, landed at the port of Mumbai in western India.
Beforehand, HPCL had only here and there bought Sokol. In view of the LSEG information, it had recently bought the grade for conveyance in Mumbai in August.
The data shows that in February, Sokol oil was moreover passed on to the private purifier Nayara Energy, which is basically asserted by Russian associations, similar to the huge oil creator Rosneft.
Three boats — NS Lion, NS Antarctic, and Raven — conveying Sokol oil are likewise expected to moor at the eastern ports of Paradip and Visakhapatnam in the not so distant future, as per LSEG information.
As per the sources, Russia would ponder offering Sokol oil through exchanging organizations to decrease how much drifting stocks in the Pacific. They added that selling through a broker will assist Russia with getting predictable installments, regardless of the way that the purchaser will get less limits.
Indian Oil Corp., the nation’s leading refiner, was one of the primary buyers of Sokol oil as part of its annual contract with Rosneft.
Sakhalin 1 LLC couldn’t open a record with a UAE bank to acknowledge dirham installments, so halting buying the grade was constrained. Two shipments of Sokol oil were taken by China recently, as indicated by dealers and LSEG and Kpler information.
Why Russian Oil ?
In January, India’s oil product demand increased significantly year over year by 398,000 barrels per day, or 8.2%, as per a report by S&P Global Commodity Insights. In 2024, the report projected a daily increase in oil demand of 203,000 barrels.
According to the report, the number of people who returned to work after the holidays and the adoption of hybrid work models by multiple companies resulted in an increase in the number of vehicles on the road, which in turn drove up gasoline demand, which rose to 853,000 bpd in January from 823,000 bpd in December. The rising demand for gasoline was also influenced by the ongoing strong sales of vehicles that run on gasoline.
The greatest increases in demand were recorded in January for LPG and gasoline (petrol), respectively, as a result of higher winter heating requirements and increased mobility after the year-end holidays.
Due to flight cancellations and delays brought on by fog in some areas of the nation, jet fuel consumption increased year over year but decreased slightly from the previous month. Jet fuel consumption in January was 192,000 barrels per day (bpd), down slightly from December but up 7% from the year before.
