In September, Indian refiners are not expected to buy any ESPO crude from Russia because of the higher shipping rates. African and Middle East crude becomes more attractive as shipping rates on long voyages have jumped... However, with a recent surge in freight rates, Russian oil doesn't look so cheap. Moreover, the travel time from Russia's Far East, where the ESPO grade is loading for exports, is a month to India, compared to a week necessary for a Middle Eastern cargo to reach India... "On net back basis after factoring in the freight, the landed cost of ESPO is turning...
