Indian refineries began actively purchasing alternative oil after the US imposed 25% duties on imports of raw materials from Russia. According to the latest data, state-owned companies Indian Oil Corp (IOC) and Bharat Petroleum (BPCL) purchased at least 22 million barrels of non-Russian oil for delivery in September and October. Since 2022, Indian refineries have barely participated in spot trading, preferring cheaper Russian oil. However, at the end of July, purchases of Russian oil were suspended due to pressure from the administration of Donald Trump. In the latest tender, IOC purchased Mars oil from the United States, grades from Brazil, Libya, and another 8 million barrels from the Middle East, Canada, and Nigeria. BPCL acquired about 9 million barrels, including Angolan Girasso, American Mars, Murban from the UAE and Nigerian raw materials. Since August 6, cumulative US duties on goods from India have reached 50%, including sanctions for Russian oil imports. This could significantly change the structure of India's oil imports, where Russia has held the lead since 2022. In May 2025, its share amounted to 40% of total imports and 39% in monetary terms.
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