Overview
- Indian Oil Corp bought 7 million barrels for March loading to replace Russian barrels, including Murban from Shell, Upper Zakum from Mercuria, Angolan Hungo and Clove from Exxon, and Brazil’s Buzios from Petrobras.
- BPCL is set to sign a roughly $780 million supply agreement with Petrobras for 12 million barrels next week during India Energy Week, according to a government statement carried by Reuters.
- Only IOCL, BPCL and Nayara took Russian crude in January as Reliance paused purchases, with Kpler data showing India’s Russian inflows near 1.1–1.2 million bpd, about 35% below November levels.
- Reuters-sourced reports indicate Reliance plans to resume limited Russian purchases from non‑sanctioned sellers in February–March after its January halt.
- Refiners are boosting Middle Eastern and Atlantic supplies, with BPCL awarding tenders for Iraq’s Basrah Medium and Oman crude and seeking UAE Murban as they navigate U.S. sanctions on Rosneft and Lukoil and new EU product restrictions.