India's largest state-backed oil refinery, Indian Oil Corp., plans to purchase up to 24 million barrels of oil from America in the first quarter of next year, preparing for a reduction in supplies from Russia after the latest package of US sanctions, Bloomberg reports, writes UNN.
Details
According to a document seen by Bloomberg, India's largest state-backed refinery is seeking supplies from the US, Canada, Brazil, and Latin America. Expressions of interest are being accepted until Friday.
Indian refiners – major buyers of seaborne Russian oil – have suspended purchases after Washington blacklisted major producers PAO Rosneft and PAO Lukoil last week. Some, including IOC, have said they may eventually buy oil from alternative, non-sanctioned suppliers, but all are preparing for a scenario where oil exports from the OPEC+ country will be significantly reduced.
According to a person familiar with the situation, IOC has not placed orders for Russian oil since October 22, although a decision on whether to continue the suspension has not yet been made. IOC will select about five suppliers to supply barrels from North and South America, the publication writes.
Indian Oil typically purchases about 1.5 million barrels of oil per day.