In tenders issued last week, Indian Oil Corporation (IOC) secured around six million barrels of crude from West African and Middle Eastern producers for delivery in April, traders told Reuters.
The purchases include Angolan Pazflor and Nigerian Agbami grades from trading house Totsa, and Nigerian Akpo and Bonny Light grades from Shell, according to two sources. IOC also purchased approximately 2 million barrels of Upper Zakum crude from Mercuria, produced in the United Arab Emirates.
This activity comes as Indian refiners are refraining from offers for Russian crude for March and April loading, and industry participants expect this to persist as the year unfolds.
“Refiners are not taking March-April Russian crude offers, and are expected to stay away from such trades for longer,” one source said, reflecting a broader recalibration of supply strategies.
Sale of Venezuela crude oil
Alongside these West African and Gulf purchases, state refiners Indian Oil and Hindustan Petroleum Corporation Ltd (HPCL) have together bought two million barrels of Venezuelan Merey crude for late April delivery, two people familiar with the deal said.
Under this arrangement, IOC will take about 1.5 million barrels and HPCL 500,000 barrels aboard a single very large crude carrier destined for India’s east coast. The seller is Trafigura, though the firm declined to comment publicly.
For HPCL, this marks the company’s first purchase of Venezuelan crude, while IOC has previously imported Venezuelan barrels. The move underscores continued efforts by Indian refiners to broaden their sourcing options amid geopolitical volatility and shifting global trade ties.
Trade sources note that Venezuelan oil, such as Merey, is being priced against the Dubai benchmark and has been trading at discounts of about $6.50 to $7 per barrel below ICE Brent, making it an attractive feedstock for heavy crude-processing facilities in India.
The shift in India’s import pattern comes as New Delhi and Washington press ahead with talks on a framework trade agreement that could be finalised by March.
In a recent joint announcement, U.S. President Donald Trump said New Delhi had “committed to stop directly or indirectly” importing Russian oil, even though India has not formally announced a halt to such imports.
Observers say the current procurement strategy may support both India’s energy security and diplomatic objectives.
