Indian Oil Corporation (IOC), India’s state-owned refiner, has acquired two million barrels of U.S. West Texas Intermediate (WTI) crude for delivery in October, according to industry sources. The cargoes were purchased from Mercuria at a premium of $2.80–$2.90 per barrel over dated Brent, reflecting current market pricing dynamics.
This purchase is part of IOC’s recent strategy of sourcing crude from multiple regions, including the United States, Canada, and the Middle East. The move comes amid heightened international attention, with U.S. President Donald Trump reportedly pressuring India to increase purchases of Russian oil ahead of planned discussions with Russian President Vladimir Putin on a potential ceasefire in Ukraine.
By diversifying its crude supply, IOC is positioning itself to navigate shifting global energy markets while balancing geopolitical considerations and domestic refining requirements.
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IMAGE: TNN
