Indian Oil to raise Brazilian crude purchases as Russian imports slow, executive says
The Hindu
Indian Oil plans to increase Brazilian crude purchases in 2026, reducing reliance on Russian imports amid geopolitical challenges.
Indian Oil Corp., the country’s largest refiner, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports, a company executive said on Tuesday (January 27, 2026).
IOC plans to purchase at least 24 million barrels of Brazilian crude from April 2026 to March 2027, up from 18 million barrels in the previous year, the executive told reporters on the sidelines of the Indian Energy Week conference.
The refiner, which has recently bought its first crude cargoes from Colombia and Ecuador, plans to buy 50% of its crude via term contracts in the coming fiscal year, he said, but requested anonymity due to company policy.
India became the top buyer of discounted Russian seaborne crude after Moscow’s February 2022 invasion of Ukraine, but challenges posed by Western sanctions eventually prompted Indian refiners to increase imports from other sources including the Middle East.
Indian refiners are considering importing Venezuelan crude, which is being offered by Vitol and Trafigura under a U.S. mandated sale.
The IOC executive said traders are offering Venezuelan crude at a discount of $4 to $5 a barrel to Dubai quotes, which is unattractive as refiners are seeking deeper discounts of $7 to $8, similar to Russian oil offers.
Madras High Court remands Jana Nayagan's certification case for fresh hearing, overturning a prior pro-Vijay ruling.
CPI(M) expels V. Kunhikrishnan over allegations regarding martyrs’ fund, citing repeated settled issues and undermining party unity.
A bedside-to-bedside mobility service, by DigniMuv, for individuals with limited movement was launched
Political tensions rise in Payyannur as a motorcycle linked to V. Kunhikrishnan's supporter is set ablaze amid protests.
DHS denies claims that Border Patrol commander Gregory Bovino was ousted, reaffirming his crucial role amid immigration policy reassessment.
Delhi expects rain and thunderstorms with gusty winds, as temperatures drop to 8°C; yellow alert issued.
The 77th Republic Day was celebrated with enthusiasm in Hubballi-Dharwad, featuring flag hoisting, cultural programs, and community engagement.
Opposition protests subside as Kerala Assembly reconvenes, with UDF leaders announcing satyagraha amid Sabarimala gold theft controversy.
Mimi Chakraborty files police complaint alleging harassment during a performance, while club denies claims of misconduct.
Congress accuses BJP of insulting opposition leaders Rahul Gandhi and Mallikarjun Kharge by seating them in the third row during celebrations.
Scotland announces squad for the ICC T20 World Cup, featuring uncapped pacer Zainullah Ihsan after replacing Bangladesh.
Stock markets recover from early losses, boosted by gains in banking stocks and positive global trends.
Bengaluru police arrest 11 in Shabbir's murder linked to extortion; KCOCA to be invoked for organized crime involvement.