Mumbai, January 24: India’s largest refiner, Indian Oil Corporation, has purchased around 7 million barrels of crude oil for March loading, including supplies from Brazil’s Petrobras, as it continues to reduce dependence on Russian oil, according to trade sources.

The purchases include 1 million barrels of Abu Dhabi’s Murban crude from Shell, 2 million barrels of Upper Zakum from trader Mercuria, and 1 million barrels each of Angola’s Hungo and Clove grades from ExxonMobil. IOC also bought 2 million barrels of Brazil’s Buzios crude under an optional contract with Petrobras. 'India Prioritises Affordable Energy for 1.4 Billion People', Says MEA Amid US Bill Proposing 500% Duty on Countries Buying Russian Oil (Watch Video).

Indian refiners are recalibrating sourcing strategies to cut Russian imports and raise purchases from the Middle East and other regions, a shift that could support New Delhi’s efforts to secure a favourable trade deal with the United States. Data show India’s Russian oil imports fell to a two-year low in December, while imports from OPEC members hit an 11-month high. Mukesh Ambani-Led Reliance Industries Says They Will Comply With US, EU and UK's Sanctions on Crude Oil Imports From Russia.

The move follows IOC’s recent first-time purchases of Colombian crude from Ecopetrol and Ecuador’s Oriente grade, underscoring India’s push to diversify crude supply amid tighter Western sanctions on Russia.

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