Indian Oil Corporation (IOC) has purchased around six million barrels of crude oil from West Africa and the Middle East through spot tenders issued last week, traders said.
The deals are for April delivery and reflect a shift away from Russian crude as India recalibrates its energy sourcing amid ongoing trade discussions with the United States. In addition to the six million barrels, IOC also bought two million barrels of Upper Zakum crude from trading firm Mercuria. Upper Zakum is produced in the United Arab Emirates.
Indian refiners and trading firms typically do not comment on spot market purchases due to confidentiality clauses governing tender processes.
The latest procurement underscores India’s strategy to diversify crude supplies and ensure stable energy imports while navigating evolving geopolitical and trade considerations. IOC is India’s largest refiner and regularly sources crude from multiple regions to meet domestic demand.
