IOC Buys Colombian Crude to Cut Russia Reliance

02 Jan 2026 CW Team

Indian Oil Corporation (IOC) has purchased its first shipment of Colombian crude oil under an optional supply agreement with state-owned oil company Ecopetrol, people familiar with the matter said. The move comes as India’s largest refiner seeks to diversify crude sourcing away from Russia.

Indian refiners are increasingly scouting for alternative crude supplies as tighter sanctions by the United States and the European Union on Russian producers and shipping vessels disrupt imports. According to data from ship-tracking firm Kpler, India’s Russian oil imports are expected to fall to a three-year low of about 1.2 million barrels per day in December, down from 1.84 million barrels per day in November.

Sources said IOC has purchased around 2 million barrels of Colombian Castilla crude, scheduled for delivery in late February. The refiner has an optional contract to buy up to 12 million barrels, equivalent to six very large crude carriers, with each VLCC capable of carrying about 2 million barrels of oil.

The supply agreement was originally signed in late 2021 and has been renewed annually since. IOC and Ecopetrol did not respond to requests for comment.

IOC currently meets most of its crude requirements from Russia and the Middle East and has rarely sourced oil from South America, despite holding optional purchase contracts with suppliers in Mexico, Brazil and Colombia. Industry sources said South American crude has often struggled to compete on price with Russian and Middle Eastern grades, as deal terms, including pricing, must be mutually acceptable to both buyer and seller.

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