Indian Refiners Seek New Oil Sources Post Russia Cut

In a move signaling India’s cautious shift in energy sourcing, two major state-owned refiners have purchased a combined 5 million barrels of crude oil from global spot markets, as they continue to diversify away from Russian supplies.

According to trade sources, Hindustan Petroleum Corporation Limited (HPCL) has bought 2 million barrels each of U.S. West Texas Intermediate (WTI) and Abu Dhabi’s Murban crude, scheduled to arrive in January. Meanwhile, Mangalore Refinery and Petrochemicals Limited (MRPL) secured 1 million barrels of Basra Medium crude for January 1–7 delivery.

The sellers and pricing details were not immediately disclosed, but the move highlights a growing trend among Indian refiners to hedge against geopolitical uncertainty.

India, the world’s third-largest oil importer, has been actively scouting alternatives after the U.S. imposed sanctions on Russian energy giants Rosneft and Lukoil, intensifying pressure on Moscow amid the ongoing war in Ukraine.

Last month, MRPL reportedly paused its Russian oil purchases due to increasing financial and logistical risks, while HPCL has also scaled down its intake of Russian crude in recent months.

The latest spot market buys indicate a broader strategy by Indian refiners to maintain supply stability through diversified sourcing — balancing energy security with global diplomatic dynamics.