India's Russian oil imports hit 10-month high on strong ESPO demand

India's Russian crude oil imports will hit close to 1.8 million barrels per day in May, the highest in 10 months, after refiners snapped up more light grades such as ESPO Blend, ship tracking data from Kpler showed.

- BY S VENKAT NARAYAN Our Special Correspondent

(ESPO stands for Eastern Siberia-Pacific Ocean crude oil. It is a grade of crude oil exported from Russia, and named after the ESPO pipeline which transports oil from Eastern Siberian oil fields to the Pacific Ocean port of Kozmino.)

The robust demand for the lighter Russian grades in the world's third biggest oil importer and consumer is expected to last into July as Indian refiners ordered more than 10 cargoes of June-loading ESPO crude last week, traders said.

The purchases took place prior to the latest sanctions by the European Union (EU) and Britain on Moscow's "shadow fleet" of oil tankers and financial firms.