IOCL seeks up to 24 million oil barrels from Americas amid Russia curbs

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By Yongchang Chin and Rakesh Sharma

 

Indian Oil Corp (IOCL) is seeking as much as 24 million barrels of crude from the Americas in the first quarter of next year as it prepares for a hit to Russian supply after the latest round of US sanctions.

 

The state-backed refiner, India’s largest, is seeking grades from the US, Canada, Brazil and Latin America, according to a document seen by Bloomberg. Offers for the expression of interest are due Friday.

 

Indian processors — top buyers of seaborne Russian crude — paused purchases after Washington blacklisted top producers Rosneft PJSC and Lukoil PJSC last week. Some, including IOC, have indicated they could eventually take oil from non-sanctioned alternatives, but all are making preparations for a scenario where oil exports from the Opec+ member are meaningfully curtailed.

 

IOC hasn’t placed any orders for Russian crude since Oct. 22, although no decision on whether to extend the pause, according to a person familiar with the matter who asked not to be named due to the sensitivity of the matter. IOC will select around five suppliers to provide the barrels from the Americas.

 

Indian Oil typically buys around 1.5 million barrels of crude daily. A spokesperson for the company didn’t immediately respond to a request for comment.