Indian Oil Corporation Turns to Ecuador to Fill Russian Crude Gap

India’s largest state-owned refiner, Indian Oil Corporation (IOC), has bought its first-ever crude from Ecuador as it seeks to replace part of its Russian crude deliveries with supplies from as far as South America. IOC has purchased in a tender its first cargo from Ecuador – 2 million barrels of the medium-heavy sour Oriente crude, for delivery at the end of March, trade sources told Reuters on Wednesday. The biggest state refiner in India and all other Indian firms are scouring the globe for favorably priced…