Indian Oil buys first Ecuador crude cargo as it diversifies from Russia

Indian Oil Corp bought its ‍first Ecuadorean ​Oriente crude cargo for end-March delivery via a tender, two trade sources said, as the country's top refiner expands its oil sourcing to partly replace some ​Russian oil.

US and European Union sanctions on Russian producers and vessels are disrupting Russian oil imports, prompting Indian refiners to scout for alternative supplies.

A reduction in Russian oil imports will also help New Delhi's negotiations of a trade deal with Washington.

IOC bought 2 million barrels of medium-heavy sour Oriente oil, the sources said, without elaborating ‌on the pricing and seller.

IOC ​did not immediately respond to a Reuters request for comment.

 

The refiner covers most of its oil needs with ‍imports from Russia and the Middle East and rarely buys South ‍American grades ‌despite having optional ​purchase contracts ‍with Mexico, Brazil, and Colombia.

Last month, IOC bought ‍2 ‍million ‌barrels of Colombian Castilla crude.