India’s largest refiner, Indian Oil Corporation on Wednesday purchased three million barrels of Russian Urals and two million barrels of West African oil in a May loading tender.
This is the IOC’s second purchase of Urals since Russia’s invasion of Ukraine on February 24. According to sources, Urals Crude was purchased on a delivered basis from trader Vitol at a “discount.” It placed an order for comparable quantities of Urals with Vitol earlier this month, with delivery scheduled for May.
The invasion’s devastation has hampered Russia’s ability to conduct business, affecting a number of Russian banks and state-owned enterprises.
On several occasions, India abstained and avoided outright condemnation of Russia, with which it has long had political and security ties.
Exxon also supplied Indian Oil Corporation with a million barrels of Nigerian Usan and Agbami oil, according to trade sources. Typically, businesses do not comment on such commercial transactions.