- Indian Oil will buy at least 24 million barrels of Brazilian crude in 2023-2024
- The refiner purchased 18 million barrels of Brazilian crude in 2022
- India is diversifying suppliers beyond its heavy reliance on Russian crude
Indian Oil Corp., the country's largest refiner, will buy at least 24 million barrels of Brazilian crude this year and next as it continues to diversify supplies, according to an executive at the state-owned firm who asked not to be identified.
The country's largest refiner purchased 18 million barrels last year, he added.
India, which has leaned heavily on Russian imports since 2022, has more recently sought to widen its range of suppliers.
Indian Oil could add Venezuela crude, the executive said, but offers are currently at a discount of around $4 to $5 to the Dubai benchmark. That's considerably more expensive than the $7 to $8 discounts that would appeal to the refiner, which has limited capacity to process the heavy, sour crude.
Russian crude is currently $8 below the same benchmark, the person added.
An Indian Oil spokesperson did not immediately respond to a request for comment.
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