New Delhi/Moscow: Indian oil refiners seem to have outbid their counterparts in China in the rush to procure Russian crude.
According to reports, an oil tanker carrying Russian crude that was initially headed toward China abruptly changed course mid-voyage and is now sailing to India instead.
This brings to focus a growing shift in crude flows across Asia, News18 has reported.
A Bloomberg report has said that ship-tracking data shows multiple such diversions in recent weeks, with at least two vessels rerouted toward Indian ports despite being expected to continue toward China.
According to the data, the tanker Aqua Titan is now expected to reach New Mangalore on March 21, carrying Urals crude it picked up from a Baltic Sea port in late January.
The Aframax ship had initially listed Rizhao in China as its destination, but reversed course in Southeast Asian waters around mid-March, just days after the US cleared India to temporarily step up purchases of Russian oil.
This highlights how Indian refiners are increasingly outbidding rivals to secure discounted Russian crude.
Traders say cargoes originally earmarked for Chinese buyers are being snapped up by India, which has been aggressively expanding purchases amid volatile global energy markets, Bloomberg reported.
Within a week after the concession, Indian refiners moved quickly to secure around 30 million barrels of Russian crude, as they scrambled to offset supply disruptions from the Middle East amid the Iran conflict.
Russia, facing Western sanctions, has leaned heavily on Asian demand to sustain exports. While China remains a key buyer, its refiners appear less urgent in the spot market, allowing Indian companies to step in and redirect shipments.
This has resulted in a noticeable rebalancing of trade routes, with sellers favouring destinations that can offer quicker deals and better pricing. The trend also reflects intensifying competition between Asia’s two largest economies for access to cheaper Russian oil at a time of heightened geopolitical uncertainty.
According to Vortexa Ltd, at least seven Russian oil tankers have altered course mid-journey, diverting from China to India, as all major Indian refiners return to the market for the country’s crude.
The Suezmax tanker Zouzou N is also headed for Sikka in India, with an expected arrival around March 25, according to vessel-tracking data.
As per Kpler, the ship is transporting Kazakh CPC Blend crude. It had earlier departed from Novorossiysk on Russia’s Black Sea coast and moved towards waters near Rizhao, before reversing course in early March and rerouting to India.
