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Russian Oil Flows Rebound as India Snaps Up More Pacific Cargoes

Indian refiners are buying increasing volumes of Russia’s key ESPO crude grade, shipped from its Pacific coast

India’s oil refineries are taking more Russian crude than ever.

India’s oil refineries are taking more Russian crude than ever.

Photographer: Dhiraj Singh/Bloomberg
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Russia’s seaborne crude flows rebounded last week, with India now making inroads into the country’s Pacific exports having taken the bulk of cargoes shipped from western ports after a European embargo.

In the seven days to March 10, Russia’s shipments recovered 40% of the previous weeks’ loss, rising to 3.33 million barrels a day. The less-volatile four-week average also rose.