IOC, BPCL Resume Russian Oil Buys As Discounts Widen

21 Aug 2025 CW Team

Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) have resumed purchases of Russian crude for September and October deliveries, after discounts on the country’s flagship Urals crude widened, two company officials confirmed.

The refiners had paused imports in July due to narrowing discounts and heightened political pressure, after Washington criticised India’s Russian oil buys. Former US President Donald Trump also threatened a 25 per cent levy on Indian goods, effective 27 August, in response to New Delhi’s continued imports.

With Urals crude now available at discounts of around $3 per barrel, the economics have once again turned favourable for Indian refiners, while China has simultaneously increased purchases, the officials said.

Alongside Urals, IOC has also purchased other Russian grades, including Varandey and Siberian Light.

IOC, India’s largest refiner, told analysts earlier this week that it would continue to source Russian oil based on commercial viability. Indian refiners generally refrain from publicly commenting on crude procurement decisions.

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