Indian Oil Corp, India's leading oil refinery, has purchased 7 million barrels of oil, including from Brazil's Petrobras, for loading in March to replace Russian oil, Reuters reports, citing two trading sources familiar with the matter, writes UNN.
Details
Indian refineries, the publication writes, are reviewing their strategies to move away from Russia as a leading supplier and increase imports from the Middle East, which could help New Delhi conclude a trade agreement with the United States on lowering tariffs.
The refinery purchased 1 million barrels of Murban crude from Abu Dhabi from Shell and 2 million barrels of Upper Zakum from trader Mercuria, sources said. IOC also purchased 1 million barrels each of Angolan Hungo and Clove crude from Exxon, they added.
IOC also purchased 2 million barrels of Brazilian Buzios crude from Petrobras under its optional contract, which provides flexibility to conclude a deal on mutually agreed terms, sources said.
Pricing details were not immediately available. Oil buyers and sellers typically do not comment on such deals due to confidentiality agreements.
India's imports of Russian oil in December fell to their lowest level in two years, while the share of imports from OPEC countries reached an 11-month high, trade data showed.
India became the largest buyer of discounted Russian seaborne oil after the war in Ukraine began in 2022, but refineries in the country have reduced purchases of Russian oil after Western sanctions against leading Russian producers intensified in October.
Last month, IOC purchased its first Colombian oil under an optional supply agreement with state oil company Ecopetrol and purchased Ecuadorian Oriente crude for the first time.
India's largest refinery claims to have stopped buying Russian oil07.01.26, 02:42 • [views_4557]