Indian refiners are back to buying Russian oil—here's why
Indian Oil Corp. (IOC) and Bharat Petroleum (BPCL) are once again importing Russian crude, lured by bigger discounts—now about $5 per barrel cheaper than Brent.
Even with these deals, India's Russian oil imports will stay under 600,000 barrels a day because of tougher US sanctions and heightened bank scrutiny.
Why the cautious comeback—and what it means
To dodge sanctions, IOC and BPCL are using new trading partners for their purchases. IOC has been picking up non-sanctioned Russian oil for a while, while BPCL is just getting back in.
Meanwhile, other Indian refiners are still steering clear of Russian crude altogether.
With the US and India in talks over oil shipments, Russia's spot as India's top supplier could be at risk—opening the door for countries like Saudi Arabia to step in.