India’s top oil refiner, the Indian Oil Corporation (IOC), bought seven million barrels of crude from the United States, Canada and the Middle East for September delivery via a tender, several trade sources told Reuters on Monday.
The news emerged a week after Kyiv Post wrote about the intention of Indian state-owned refineries to halt to buying Russian oil, days after Trump announced a 25% tariff on Indian imports starting Friday, Aug. 1. He also signaled possible further penalties related to India’s ties with Moscow.
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IOC bought 4.5 million barrels of US crude oil, 500,000 barrels of Canada’s Western Canadian Select (WCS) and two million barrels of Das oil produced by Abu Dhabi, sources who were not authorized to speak to the media told Reuters.
The volumes are higher than normal to simply replace Russian oil purchases, two of Reuters’ sources saidd.
Previously, Reuters reported that Indian state refiners – IOC, Hindustan Petroleum Corporation, Bharat Petroleum Corporation and Mangalore Refinery Petrochemical had stopped purchasing Russian oil.
However, it has not yet been clarified whether Indian private oil companies have stopped buying Russian oil.
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