Overview
- The purchase, reported by Reuters, covers five shipments scheduled to arrive in December.
- Deliveries are arranged to India’s east coast via suppliers not subject to Western sanctions.
- IOC finance director Anuj Jain said the company will continue sourcing Russian oil when price and delivery terms are favorable.
- Russia remained India’s largest crude source in September with a 33.3% share of imports.
- India imported about 4.8 million barrels per day in September and relies on overseas crude for more than 85% of its demand.