Indian refiners buy 5m barrels to diversify oil supply

11 Nov 2025 CW Team

Two state-run refiners have procured a total of 5 million barrels of crude oil from the spot market through tenders, as they continue efforts to diversify away from Russian supplies, trade sources said.

According to the sources, Hindustan Petroleum Corporation Ltd (HPCL) has purchased 2 million barrels each of US West Texas Intermediate (WTI) crude and Abu Dhabi’s Murban crude for delivery in January.

Meanwhile, Mangalore Refinery and Petrochemicals Ltd (MRPL) has bought 1 million barrels of Basra Medium crude from Iraq, scheduled for 1–7 January delivery.

Details regarding the sellers and pricing were not immediately disclosed.

The purchases highlight India’s ongoing strategy to broaden its crude sourcing portfolio amid shifting global supply dynamics and geopolitical constraints affecting Russian oil trade.

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