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India Races to Replace Russian Oil With U.S., Iraqi, and UAE Crude
Yahoo Financeยท 2025-11-10 10:30
Group 1 - Two Indian refiners, Hindustan Petroleum Corp. and Mangalore Refinery and Petrochemicals, purchased a total of 5 million barrels of crude oil from the US, Iraq, and the UAE to find alternatives to Russian crude [1][2] - Hindustan Petroleum Corp. acquired 2 million barrels of West Texas Intermediate and 2 million barrels of Murban crude, while Mangalore Refinery and Petrochemicals bought 1 million barrels of Basra Medium, all for delivery in January [1][2] - The search for alternative oil supplies was prompted by the Trump administration's sanctions on Rosneft and Lukoil, which significantly impacted Indian imports from Russia [2][3] Group 2 - The sanctions led to a rush among oil buyers to secure supplies before the sanctions took effect on November 21, with some buyers looking for loopholes to access discounted Russian crude [3] - Reports indicated unusual activities involving two tankers sanctioned by the EU and the UK, which conducted a ship-to-ship transfer off the Indian coast [4] - Following the transfer, one tanker continued to Kochi, India, while the other headed to Russia, highlighting ongoing complexities in the oil supply chain [4] Group 3 - India's President Droupadi Murmu emphasized the importance of Angola in India's energy security, stating that Indian oil and gas companies are seeking long-term contracts with Angolan energy entities [5] - India is a major buyer of Angola's oil and gas, and there is a desire to invest in both energy commodities and critical minerals [5]