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Indian Oil Corp. Seeks to Replace Russian Oil With American Barrels
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Why This Matters
Indian Oil Corp. (IOC), India's largest refiner, is seeking to procure 24 million barrels of crude oil from the Americas in Q1 of next year to compensate for reduced Russian oil supply due to recent U.S. sanctions. This move indicates a diversification of IOC's supply chain and a potential shift in sourcing strategy.
Market Impact
Market impact analysis based on neutral sentiment with 75% confidence.
Sentiment
Neutral
AI Confidence
75%
Article Context
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Indian Oil Corp. is looking to buy 24 million barrels of crude oil from the Americas in the first quarter of next year to replace lost Russian supply after the latest U.S. sanctions on Rosneft and Lukoil. Bloomberg reported that the company, which is India’s largest refiner, is looking for cargos from the United States, Canada, Brazil, and Latin America. Reuters reported IOC was looking for both high-sulfur and low-sulfur grades. The publication cited an unnamed source as saying the invitation for expression of interest aimed to test the…
Original article published by
OilPrice.com
on October 30, 2025.
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