NEW DELHI/SINGAPORE: Indian Oil Corp, the country’s top refiner, has bought 7 million barrels of oil, including from Brazil’s Petrobras, for March loading to replace Russian oil, two trade sources familiar with the matter said.
Indian refiners are recalibrating their strategies to shift away from top supplier Russia and boost imports from the Middle East, a move that could help New Delhi clinch a trade deal with the United States to lower tariffs.
The refiner has purchased 1 million barrels of Abu Dhabi’s Murban grade from Shell and 2 million barrels of Upper Zakum from trader Mercuria, the sources said. IOC has also acquired 1 million barrels each of Angola’s Hungo and Clove from Exxon, they added.
IOC also bought 2 million barrels of Brazil’s Buzios oil from Petrobras under its optional contract that provides flexibility to strike a deal at mutually agreed terms, the sources said. The pricing details were not immediately available. Oil buyers and sellers typically do not comment on such deals due to confidentiality agreements.
India’s Russian oil imports fell to their lowest level in two years in December, while the share of imports from OPEC nations hit an 11-month high, trade data showed.
India emerged as the biggest buyer of discounted Russian seaborne crude following the start of the Ukraine war in 2022, but refiners in the country scaled down Russian oil purchases following tougher Western sanctions on Russia’s top producers in October.
IOC last month purchased its first Colombian oil under an optional supply deal with state oil company Ecopetrol and for the first time bought Ecuadorean Oriente crude.
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