India’s State Refiners Shift from Russian Oil

  Published 8 months ago

IOC and BPCL bought 22 million barrels of non-Russian crude for Sept-Oct delivery after U.S. pressure halted Russian imports.

  • IOC secured U.S., Brazilian, Libyan, Middle Eastern, Canadian, and Nigerian grades totaling 13 million barrels for Sept delivery.
  • BPCL purchased 9 million barrels, including Angolan, U.S., Abu Dhabi, and Nigerian crude through direct negotiations.
  • Improved arbitrage economics boosted Atlantic Basin crude purchases by Asian refiners, diversifying supply sources beyond Russia.

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