India’s oil imports from Russia surge to 10-month high on strong demand for light crude

India’s Russian crude oil imports are surging, projected to hit a 10-month high in May, driven by increased demand for lighter grades like ESPO Blend. This surge, fueled by refinery shutdowns and favorable margins, occurs ahead of new EU and UK sanctions. Consequently, ESPO premiums for China have risen as more barrels are diverted to India.