Post by : Bianca
Haleem
In a strategic move towards energy diversification, two prominent Indian state-owned refiners have acquired a total of 5 million barrels of crude oil from international spot markets, marking a significant shift away from Russian supplies.
As per trade reports, Hindustan Petroleum Corporation Limited (HPCL) has obtained 2 million barrels of both U.S. West Texas Intermediate (WTI) and Abu Dhabi's Murban crude, set to arrive in January. Concurrently, Mangalore Refinery and Petrochemicals Limited (MRPL) has secured 1 million barrels of Basra Medium crude for delivery slated for January 1–7.
Details on sellers and pricing remain undisclosed, but this development underscores a rising trend among Indian refiners to mitigate geopolitical risks.
As the third-largest oil importer globally, India has been actively exploring alternative sources following the imposition of sanctions on Russian energy firms such as Rosneft and Lukoil, intensifying sanctions against Moscow amid the ongoing Ukraine conflict.
Recently, MRPL paused its purchases of Russian crude, citing escalating financial and logistical challenges, while HPCL has been progressively reducing its Russian oil intake over recent months.
This latest acquisition in the spot market points to an overarching strategy by Indian refiners to ensure supply stability through varied sourcing—navigating the complex terrain of energy security and global diplomatic relations.
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