General – India
India is purchasing large quantities of oil from Angola, Brazil, and the UAE.
State-owned oil company Indian Oil (IOC) has ordered 7 million barrels of oil from the Middle East, Africa, and Latin America for shipment in March to replace Russian crude.
These shipments include 1 million barrels of light Murban crude and 2 million barrels of heavy Upper Zakum crude from the UAE, which will be supplied by Mercuria. The company also purchased 1 million barrels each of Angolan Hungo and Clove grades from ExxonMobil, according to Reuters.
Indian Oil has also taken an option to supply 2 million barrels of Buzios grade crude from Brazil’s Petrobras.
Reuters previously reported that Russian oil supplies to India in January would amount to 1.2–1.4 million bpd. They were at the same level in December. At their peak in the summer, exports reached 2.1 million bpd, but fell to 1.85 million bpd in November.
