Core Insights - Indian Oil Corp. plans to purchase 24 million barrels of crude oil from the Americas in Q1 of next year to compensate for lost Russian supply due to U.S. sanctions on Rosneft and Lukoil [1][2] - The company is seeking both high-sulfur and low-sulfur grades from sources including the United States, Canada, Brazil, and Latin America [2] - Indian Oil Corp. has recently acquired 2 million barrels of West African crude from Exxon, sourced from Angola and Nigeria [3] Industry Impact - The sanctions are increasing the import bill for Indian refiners as they transition to more expensive crude grades from non-Russian sources [4] - The share of Russian oil in India's total imports has decreased from 36% to 34%, while the average price for imported crude has risen by $5 per barrel over the Dubai benchmark [5] - U.S. crude imports have surged to 575,000 barrels daily, marking the highest level since 2022 [5] Price and Supply Concerns - Crude oil prices have sharply increased following new sanctions on Russian oil majors, raising concerns about supply tightness and inflation [6] - Elevated crude prices may exacerbate India's fiscal deficit and strain its import bill [6]