Next Article
IOC buys US crude, Abu Dhabi oil amid Russia-Ukraine war
Indian Oil Corporation (IOC), India's biggest oil refiner, just grabbed over five million barrels of US crude.
This comes after India faced global criticism for buying Russian oil during the Ukraine conflict.
IOC is clearly trying to mix up its suppliers and not rely so much on the usual Middle Eastern and African sources.
IOC also picked up 2 million barrels from Abu Dhabi
This big buy happened after former US President Trump threatened tariffs on countries importing Russian oil—India included.
To keep options open, IOC also picked up two million barrels from Abu Dhabi.
With global politics heating up, India's move shows it's serious about adapting fast and keeping its energy game strong (plus, US crude is even a bit more profitable right now).