The Strategist

Indian state company purchases three million barrels of Russian oil

03/24/2022 - 07:53

India's state-owned Indian Oil Corporation (IOC) on Wednesday bought 3 million barrels of Russian Urals crude and 2 million barrels of West African crude in a tender with delivery in May. This was reported by Deccan Herald citing sources.

Adam Jones
Adam Jones
According to the newspaper, the Urals oil was purchased from the Vitol trader at a discount.

This is the second recent purchase of Urals oil by Indian Oil Corporation. Earlier this month, the company purchased the same amount of Urals from Vitol for delivery in May.

India's Oil and Gas Minister Hardeep Singh Puri, speaking last week in the upper house of parliament, said talks are underway on various issues of buying Russian oil. This, the New Indian Express reported, was his response to a request for comment on media reports that Russia had offered to sell its oil and other raw materials at reduced prices in rupees and rubles. Later, the Business Standard, citing sources, reported that India could import up to 15 million barrels of crude oil from Russia.