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Indian Oil Corp., the country’s largest refiner, has committed to buying much Brazilian crude successful the fiscal twelvemonth starting April, aft reducing Russian oil imports, a institution enforcement said connected Tuesday (January 27, 2026).
IOC plans to acquisition astatine slightest 24 cardinal barrels of Brazilian crude from April 2026 to March 2027, up from 18 cardinal barrels in the erstwhile year, the executive told reporters connected the sidelines of the Indian Energy Week conference.
The refiner, which has recently bought its first crude cargoes from Colombia and Ecuador, plans to bargain 50% of its crude via word contracts successful the coming fiscal year, helium said, but requested anonymity owed to institution policy.
India became the top purchaser of discounted Russian seaborne crude aft Moscow’s February 2022 penetration of Ukraine, but challenges posed by Western sanctions yet prompted Indian refiners to summation imports from different sources including the Middle East.
Indian refiners are considering importing Venezuelan crude, which is being offered by Vitol and Trafigura nether a U.S. mandated sale.
The IOC enforcement said traders are offering Venezuelan crude astatine a discount of $4 to $5 a tube to Dubai quotes, which is unattractive arsenic refiners are seeking deeper discounts of $7 to $8, akin to Russian lipid offers.
