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With Russian Oil Under Sanctions, India Looks to the Americas to Fill the Gap
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India’s largest state-run refiner, Indian Oil Corp. (IOC), is preparing to offset a potential shortfall in Russian crude supplies by seeking up to 24 million barrels of oil from the Americas during the first quarter of 2026, Bloomberg reported on October 30.
According to a document reviewed by the outlet, IOC is requesting crude grades from the US, Canada, Brazil, and Latin America, with offers due by October 31. The move follows Washington’s decision to sanction Russia’s two biggest oil producers, Rosneft and Lukoil, prompting Indian refiners—major buyers of Russian seaborne crude—to pause new purchases.
IOC last placed an order for Russian oil on October 22 and has yet to decide whether to extend the suspension, a person familiar with the matter said. The company plans to select about five suppliers from the Americas for its next quarter’s deliveries, according to Bloomberg.
Indian Oil typically imports around 1.5 million barrels of crude a day. A company spokesperson did not immediately respond to Bloomberg’s requests for comment.
Previously, it was reported that a Russian oil tanker bound for India abruptly reversed course in the Baltic Sea this week, signaling potential disruption in crude shipments between Moscow and New Delhi following new US sanctions on Russian energy giants, Bloomberg reported on October 29.
Earlier, major Chinese state-owned oil companies had also suspended seaborne purchases of Russian crude oil in response to new US sanctions on Russia’s two largest producers, Rosneft and Lukoil.
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