Indian Oil Corporation shifts sourcing with 7 million barrel purchase from non-Russian suppliers

Indian Oil Corporation has secured 7 million barrels of crude oil from global sources for March loading. This shift reflects a move away from Russian supplies.

洞察:
Indian Oil Corporation has finalized the purchase of 7 million barrels of crude oil for March loading from several non-Russian sources, signaling a significant shift in procurement strategy for India ININ. The company secured various grades from producers in Brazil BRBR, the United Arab Emirates AEAE, Angola AOAO, Ecuador ECEC, and Colombia COCO. This move comes as Indian refiners actively work to diversify their supply chains and reduce their reliance on energy exports from Russia RURU.
Indian Oil Corp Ltd logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration
Indian Oil Corp Ltd logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration
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