A bird flies next to a logo of Indian Oil outside a fuel station in New Delhi, India, March 4, 2025.
The purchases were made through a tender that closed on Friday. P66 and Equinor will each supply 1 million barrels of WTI Midland, while Mercuria will provide 2 million barrels of the same grade. Vitol will deliver 1 million barrels of WTI Midland and WCS, and Trafigura will supply 2 million barrels of Das oil. Pricing details for these transactions were not disclosed.
This acquisition follows a pause in Russian crude purchases by India’s major state refiners, including IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd, as reported by Reuters last week. The shift is partly to diversify supply sources, with two sources noting that the new purchases aim to replace some Russian barrels. From January to June this year, India imported approximately 1.75 million barrels per day of Russian crude, a 1% increase from the previous year, based on trade data.
On Monday, U.S. President Donald Trump commented on Truth Social: “India is buying massive amounts of Russian oil and selling it on the open market for big profits.” This statement came amid heightened U.S. scrutiny of India’s oil trade, following unsuccessful trade negotiations between New Delhi and Washington, which led to a 25% U.S. import tariff on Indian goods.
Indian government officials have clarified that there has been no change in the country’s oil procurement policy. The trade sources, who requested anonymity due to lack of authorization to speak publicly, confirmed that Indian companies typically do not comment on their oil purchase decisions.
IOC’s recent tender reflects a strategic adjustment in sourcing to ensure supply stability amid global market dynamics. The company continues to prioritize meeting India’s energy demands through diverse and reliable crude oil sources.
