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Indian Refiners Diversify Oil Imports as Russia Sanctions Loom
10 Nov
Summary
- Indian refiners buy 5 million barrels of crude from US, Iraq, and UAE
- Sanctions on Russian oil firms prompt search for alternative supplies
- India's president seeks long-term energy deals with Angola
In the lead-up to the implementation of US sanctions on Russian oil firms, Indian refiners have been actively seeking alternative crude oil supplies. According to industry sources, two major Indian refiners, Hindustan Petroleum Corp. and Mangalore Refinery and Petrochemicals, have purchased a total of 5 million barrels of crude from the United States, Iraq, and the United Arab Emirates on the spot market.
Hindustan Petroleum Corp. has bought 2 million barrels of West Texas Intermediate and 2 million barrels of Murban crude for delivery in January 2026, while Mangalore Refinery and Petrochemicals has purchased 1 million barrels of Basra Medium, also to be delivered in January 2026. This diversification of crude oil sources comes as the Trump administration's decision last month to sanction Rosneft and Lukoil, which together account for half of Russia's oil exports and a significant portion of Indian imports.
In a separate but related development, India's president, Droupadi Murmu, has stated that Indian oil and gas companies are seeking long-term relationships with Angolan energy entities, expressing interest in investing in both energy commodities and critical minerals. "Angola's role in India's energy security is very important. India is a major buyer of Angola's oil and gas. Our oil and gas companies are desirous of entering into a long-term purchase contract with Angola," Murmu said during a state visit to the West African country.
