HPCL Resumes Russian Oil Purchases After Three Month Gap

State-run Hindustan Petroleum Corporation Limited has resumed its procurement of crude oil from Russia after a three-month hiatus. According to industry sources, the refiner based in India has secured two cargoes scheduled for delivery later this month. The transaction involved two Aframax tankers and was finalized prior to the military actions taken by the United States and Israel against Iran on February 28. The oil was reportedly acquired from a trading entity at a discount of nearly $13 per barrel compared to the price of Brent Crude Oil on a delivered basis. This return to Russian supplies follows a period of decreased activity. In January, Indian imports of Russian crude fell to approximately 1.1 million barrels per day, the lowest volume recorded since late 2022. This dip brought Moscow’s share of the total import market down to 21.2% as the country sought relief from tariff pressures. However, market projections suggest a recovery in these volumes, with the Russian share potentially rising back to 30% for the month of February. While the company has not officially commented on the resumption or the reasons for its previous pause in procurement, the move signals a renewed interest in discounted Russian grades.