由Rakesh Sharma和Yongchang Chin撰写印度炼油商已减少11月交货的俄罗斯原油采购，因为来自中国的日益激烈竞争正在提升价格，同时买方可以选择中东的替代船货。
Indian refiners have cut back Russian crude purchases for November delivery, as rising competition from China pushes up prices at a time when buyers can tap alternative shipments from the Middle East.
据知情人士称，俄罗斯的旗舰乌拉尔原油（波罗的海装载）的价格飙升，正推动印度炼油商减少采购。这些知情人士表示，经济因素战胜了华盛顿对新德里的压力，要求其减少从俄罗斯——其最大原油供应国——的采购。
Surging prices for Russia’s flagship Urals crude loaded in the Baltic, a mainstay for Indian refiners, are driving the pullback, according to people familiar with the matter. Economics have outweighed Washington’s pressure on New Delhi to reduce purchases from Russia, its biggest crude supplier.
这些人士称，俄罗斯原油正以超过10美元/桶的溢价出售，相比于Dated Brent。曾经以大幅折扣出售的这些原油，现在几乎与中东原油价格持平， prompting印度炼油商转向波斯湾供应商。这些人士还称，其中一些货轮也被提供给中国的独立炼油商。
Russian crude is being offered at premiums of more than $10 a barrel to Dated Brent, the people said, asking not to be named as the information is commercially sensitive. Once sold at steep discounts, those barrels are now priced almost at par with Middle Eastern grades, prompting Indian refiners to turn back to Persian Gulf suppliers, the people said. Some of those cargoes are also being offered to Chinese independent refiners.
Bloomberg汇编的船舶追踪数据显示，世界第三大石油进口国的炼油商在一项全面的美国制裁法案引发的惩罚性关税威胁之后，已经开始减少俄罗斯原油采购。根据Kpler的数据，俄罗斯在印度原油进口中的份额已从7月份的最高56%降至9月份的约35%。截至10月4日的四周内，俄罗斯原油平均每日装载量仅为31万桶，为2022年3月以来的最低水平。
Refiners in the world’s third-biggest oil importer were already cutting Russian purchases after a sweeping US sanctions law raised the threat of punitive tariffs. Moscow’s share of India’s crude imports fell to about 35% in September from as high as 56% in July, according to Kpler. Shipments averaged just 310,000 barrels a day in the four weeks through Oct. 4, the lowest since March 2022, tanker-tracking data compiled by Bloomberg show.
中国和印度仍然是俄罗斯原油的最大买家，而许多货轮的具体目的地只有在航行途中才会确定。
China and India remain the biggest buyers of Russian crude, while many cargoes are assigned a final destination only after they are well into their voyage.
这些人士称，新德里并未要求炼油商因美国关税风险而减少从俄罗斯进口原油。印度石油部在接受评论请求时尚未回应。
New Delhi hasn’t asked refiners to cut imports from Russia in response to US tariff risks, the people said. India’s oil ministry did not immediately respond to a request for comment.
与此同时，尽管伊朗对船舰的攻击仍然使风险居高不下，但越来越多的油罐船通过霍尔木兹海峡，这推动中东原油流量上升。据壳牌公司首席执行官瓦埃尔·萨万表示，油量已恢复至战前水平的约80%。地湖原油还得益于航程更短和运输成本更低，这在油罐船运费飙升之时，进一步提升了其对印度买家的吸引力。
Meanwhile, Middle Eastern flows have risen as more tankers navigate the Strait of Hormuz despite still-elevated risks from increasing Iranian attacks on shipping. Volumes have recovered to about 80% of prewar levels, according to Shell Plc Chief Executive Officer Wael Sawan. Gulf barrels also benefit from shorter voyages and lower shipping costs, adding to their appeal for Indian buyers at a time tanker freight rates are surging.
印度和中国一起，成为俄罗斯石油的重要出口去向，在西方制裁将出口从欧洲转移之后，尤其是自从莫斯科在2022年入侵乌克兰以来。印度向中东原油的转变有望加剧对地湖原油的竞争，因为亚洲炼油商正确保供应以应对年末的需求。
India, alongside China, became a crucial outlet for Russian oil after Western sanctions redirected exports away from Europe following Moscow’s 2022 invasion of Ukraine. The Indian shift toward Middle Eastern crude stands to intensify competition for Gulf barrels as Asian refiners secure supplies for the final months of the year.