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Indian Oil Corp, the country’s largest refiner, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports, a company executive said on Tuesday.
IOC plans to purchase at least 24 million barrels of Brazilian crude from April 2026 to March 2027, up from 18 million barrels in the previous year, the executive told reporters on the sidelines of the Indian Energy Week conference.
The refiner, which has recently bought its first crude cargoes from Colombia and Ecuador, plans to buy 50 per cent of its crude via term contracts in the coming fiscal year, he said, but requested anonymity due to company policy.
India became the top buyer of discounted Russian seaborne crude after Moscow’s February 2022 invasion of Ukraine, but challenges posed by Western sanctions eventually prompted Indian refiners to increase imports from other sources including the Middle East.
Indian refiners are considering importing Venezuelan crude, which are being offered by Vitol and Trafigura under a US mandated sale.
The IOC executive said traders are offering Venezuelan crude at a discount of $4 to $5 a barrel to Dubai quotes, which is unattractive as refiners are seeking deeper discounts of $7 to $8, similar to Russian oil offers.
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