In response to changing energy needs, two key state-owned Indian refiners have acquired a total of 5 million barrels of crude oil from international spot markets, aiming to lessen their reliance on Russian supplies.
Sources reveal that Hindustan Petroleum Corporation Limited (HPCL) has purchased 2 million barrels each of U.S. West Texas Intermediate (WTI) and Abu Dhabi’s Murban crude, with arrivals slated for January. Meanwhile, Mangalore Refinery and Petrochemicals Limited (MRPL) has secured 1 million barrels of Basra Medium crude for delivery from January 1 to 7.
While specific seller and pricing information remains undisclosed, this move underscores a trend among Indian refiners to protect their operations from geopolitical risks.
As the world's third-largest oil importer, India is actively seeking new alternatives following U.S. sanctions against Russian energy firms Rosneft and Lukoil, intensifying pressure on Moscow amidst the ongoing conflict in Ukraine.
Last month, MRPL halted its purchases of Russian oil due to rising financial and logistical concerns, with HPCL also scaling back on Russian crude in recent months.
These recent acquisitions in spot markets signify an overarching strategy among Indian refiners to ensure stable supply through diversified channels, effectively balancing energy security with the complexities of global diplomacy.
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