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]

Core Viewpoint - Reliance Industries is diversifying its crude oil sourcing by looking to sell some Middle Eastern and Iraqi crude in the spot market, following U.S. sanctions on Russian oil firms [1][2][4][5]. Group 1: Company Actions - Reliance Industries has been a significant buyer of crude from the Middle East and Russia, acquiring millions of barrels in recent years [2][4]. - The company operates the world's largest refinery complex at Jamnagar, with a processing capacity of 1.4 million barrels per day (bpd) [3]. - Reliance has a long-term agreement with Rosneft to purchase nearly 500,000 bpd of crude, making it India's largest buyer of Russian crude until recent sanctions [3][4]. Group 2: Market Strategy - In response to U.S. sanctions on Russian oil firms, Reliance has accelerated its crude oil purchases from the Middle East and has been more active in procuring oil from the Gulf region [4]. - The company is now offering Murban and Upper Zakum crude grades from the UAE and has already sold a cargo of Iraq's Basrah Medium to a Greek buyer [5]. Group 3: Industry Trends - Indian refiners are shifting away from Russian crude and increasing purchases from the Middle East and the Americas to compensate for anticipated declines in Russian oil loadings in the coming months [6].