NEW DELHI/SINGAPORE, Aug 8 (Reuters) – India’s largest state-run refiners, Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL), have secured at least 22 million barrels of non-Russian crude for delivery in September and October, trade sources said, amid U.S. pressure on New Delhi to curb purchases from Moscow.
Since 2022, Indian state refiners had been largely absent from the spot crude market, focusing instead on discounted Russian oil following Moscow’s invasion of Ukraine. However, they halted Russian spot purchases in late July after reported pressure from U.S. President Donald Trump.
“As President Trump’s pressure is directed at the Indian government rather than individual companies, there will no doubt be discussions between authorities and refiners still importing Russian oil,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
In its latest tender, IOC purchased 2 million barrels of U.S. Mars crude, 2 million barrels of Brazilian grades, and 1 million barrels of Libyan crude on a delivered basis, the sources said. BP sold the Mars crude cargo at a $1.5–$2 per barrel premium over September Dubai quotes, they added.
European trader Petraco sold IOC the 1 million barrels of Libyan Sarir and Mesla crude, while TotalEnergies’ trading arm Totsa supplied the 2 million barrels of Brazilian Sepia and Sururu crude. Pricing details for these cargoes were not immediately available.
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These deals follow IOC’s earlier purchase of 8 million barrels for September delivery from suppliers in the Middle East, U.S., Canada, and Nigeria via tenders last week.
BPCL, India’s second-largest state refiner, secured 9 million barrels for September arrival through direct negotiations, a source familiar with the matter said. The cargoes include 1 million barrels of Angola’s Girassol, 1 million barrels of U.S. Mars, 3 million barrels of Abu Dhabi’s Murban, and 2 million barrels of Nigerian crude.