The state-owned Indian Oil Corporation (IOC), India’s largest oil refiner, has announced a tender for crude oil deliveries scheduled for early next year. According to Bloomberg, the list of requested grades includes Russian blends ESPO and Sokol, as well as low-sulfur crude from regions such as West Africa and the United States.
According to the tender documentation, deliveries are to be made to the Indian ports of Paradip and Vadinar between late January and early February. Bids from potential sellers are being accepted until Thursday.
Tender conditions and sanctions compliance
As Bloomberg notes, the document specifically requires sellers to guarantee that no part of the supply chain involves companies or terminals under sanctions imposed by the United States, the United Kingdom, the European Union, the United Nations, or India.
An IOC spokesperson declined to comment, but Bloomberg’s sources indicate that the corporation continues to seek a balance between political pressure and economic benefit.
Political context and U.S. pressure
Imports of Russian crude to India remain in the spotlight after President Donald Trump earlier this year demanded that New Delhi drastically reduce or completely halt its purchases of Russian oil.
According to Bloomberg, traders are closely monitoring how Indian buyers — who until recently were the largest importers of seaborne Russian crude — are adapting to the latest sanctions targeting major Russian producers Rosneft PJSC and Lukoil PJSC.
Indian refiners cut Russian purchases
Earlier this week, Bloomberg reported that five of India’s seven major refiners, including Reliance Industries, had skipped Russian oil purchases for next month. However, IOC and Nayara Energy Ltd., which is linked to Rosneft, did buy some Russian cargoes for the same period.
Thus, despite increasing pressure from Washington and the growing risk of new sanctions, Indian Oil Corporation continues to demonstrate flexibility in choosing its suppliers — including Russia — pursuing a pragmatic approach to energy security and pricing policy.
This article was prepared based on materials published by Bloomberg. The author does not claim authorship of the original text but presents their interpretation of the content for informational purposes.
The original article can be found at the following link: Bloomberg.
All rights to the original text belong to Bloomberg.
