(Jan 27): Indian Oil Corp, the country’s largest refiner, will buy at least 24 million barrels of Brazilian crude this year and next as it continues to diversify supplies, according to an executive at the state-owned firm who asked not to be identified.
The country’s largest refiner purchased 18 million barrels last year, he added.
India, which has leaned heavily on Russian imports since 2022, has more recently sought to widen its range of suppliers.
Indian Oil could add Venezuelan crude, the executive said, but offers are currently at a discount of around US$4 to US$5 to the Dubai benchmark. That’s considerably more expensive than the US$7 to US$8 discounts that would appeal to the refiner, which has limited capacity to process the heavy, sour crude.
Russian crude is currently US$8 below the same benchmark, the person added.
An Indian Oil spokesperson did not immediately respond to a request for comment.
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