Indian Oil Corporation has secured six million barrels of crude oil from West Africa and the Middle East, traders said. The move signals India’s shift away from Russian oil purchases amid New Delhi’s push for a trade deal with Washington.
Indian refiners are not taking Russian crude offers for March–April and are expected to stay away from such trades for a longer period, refining and trade sources said.
Indian Oil Corp bought six million barrels of crude from West Africa and the Middle East as the country steered clear of Russian oil. IOC acquired Angola’s Pazflor crude and Nigeria’s Agbami crude from Totsa, the trading arm of TotalEnergies. It also bought Nigeria’s Akpo and Bonny Light crude from Shell, according to traders.
In addition, IOC purchased two million barrels of Upper Zakum crude produced in the United Arab Emirates from Mercuria. The purchases were made through tenders issued last week for April delivery, traders added.
Indian companies and traders do not comment on spot tenders due to confidentiality clauses.
The buying pattern highlights a broader shift by Indian refiners, who are diversifying supply sources and reducing dependence on Russian crude in the near term.
Indian Oil Secures 6 Million Barrels from West Africa and Middle East as Russian Supplies Fade
