Indian Oil diversifies crude basket, taps Angola, Brazil and UAE amid Russia pullback: Report
Indian Oil Corporation (IOC), the country’s largest refiner, has purchased around 7 million barrels of crude oil for March loading, including supplies from Brazil’s Petrobras, as refiners continue to scale down dependence on Russian oil and diversify sourcing toward other regions, Reuters reported citing trade sources.
The purchases come amid a broader recalibration by refiners to boost imports from the Middle East, Africa and Latin America, a shift that could also support New Delhi’s efforts to advance trade negotiations with the United States aimed at lowering tariffs.
