IOC Buys 7 Million Barrels of Non-Russian Crude

06 Aug 2025 CW Team

This significant spot crude purchase follows the reopening of the arbitrage window for U.S. crude to Asia and coincides with a pause by Indian state-run refiners on Russian oil purchases, driven by narrowing price discounts. Additionally, pressure from U.S. authorities, including a warning from President Donald Trump against buying Russian oil, has influenced global trade. Russia remains under heavy sanctions following its February 2022 invasion of Ukraine.

According to sources, IOC acquired 4.5 million barrels of U.S. crude, 0.5 million barrels of Canada’s Western Canadian Select (WCS), and two million barrels of Das crude from Abu Dhabi. The individuals declined to be identified as they are not authorised to speak to the media.

Two sources confirmed that the unusually high volume was partly to offset reduced imports from Russia. India, as the world’s third-largest oil importer, has historically been the top buyer of seaborne Russian crude.

However, Indian state refiners—including IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd—have not sought Russian oil in recent tenders, as reported by Reuters last week.

In IOC’s tender that closed on Friday, 1 August 2025, P66 and Equinor will each deliver one million barrels of U.S. West Texas Intermediate (WTI) Midland crude, while Mercuria will supply two million barrels of the same grade. Vitol is set to deliver one million barrels each of WTI Midland and WCS. Trafigura will provide two million barrels of Das crude.

Prices for these deals were not disclosed. The purchases were also timed with the European Union’s latest round of sanctions on Russian energy exports.

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