Indian Oil Corp Diversifies Crude Supply with Colombian Purchase
Indian Oil Corp has purchased 2 million barrels of Colombian Castilla crude from Ecopetrol for February delivery. This marks a strategic shift as India's largest refiner seeks to diversify away from Russian oil amidst tightening sanctions.
Insights:
Indian Oil Corporation Limited , India's largest refiner, has made a significant move in its crude oil sourcing strategy by purchasing 2 million barrels of Colombian Castilla crude oil from state-owned Ecopetrol S.A. . The delivery is scheduled for late February, marking the first time Indian Oil Corp has activated an optional supply contract with Ecopetrol since its inception in late 2021. This transaction is a concrete step in diversifying its crude supply away from Russian oil, as tightening U.S. 
USand European Union 
EU sanctions continue to disrupt Russian oil imports to India.
USand European Union EU sanctions continue to disrupt Russian oil imports to India.
