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Russia's Rosneft ramps up oil sales to Indian Oil in May: Traders
(Reuters) - Russia's Rosneft sold 700,000 tons of Urals oil stacking from Baltic ports of Primorsk and Ust-Luga in May to Indian Oil Corp (IOC), the nation's top purifier, two brokers acquainted with the matter told Reuters on Friday. Rosneft assigned seven cargoes of 100,000 tons each stacking between May 15 and 31 to IOC, as per the merchants. In May IOC will stack Rosneft-obtained Urals oil volumes from Baltic ports interestingly. Beforehand the significant purchasers of the cargoes were exchanging firms Vitol and Trafigura. Nonetheless, global merchants will prevent acquisition of oil from Rosneft after May 15 as EU sanctions north of a few Russian organizations become effective. Last December IOC and Rosneft marked a term contract for supply of as much as 2 million tons of Urals oil for the rest of 2022.
Under the arrangement IOC has purchased a few Urals cargoes from the Black Sea port of Novorossiisk this year. It was not quickly clear assuming that the May supplies come as a piece of the current agreement or as a piece of the new arrangement. Last week Reuters sources said that Rosneft was arranging supply manages a few Indian purifiers including IOC. Rosneft and Indian oil agents didn't promptly answer to Reuters demands for input.