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IOC Secures 3.5 Million Barrels of Discounted Russian Oil

11/1/2025

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Summary

Story summary

Indian Oil Corporation (IOC) purchased five December-delivery cargoes of Russian crude from non-sanctioned entities.
Anuj Jain, IOC's head of finance, said IOC will continue buying Russian oil if sanctions remain compliant.
IOC bought about 3.5 million barrels of ESPO crude at prices aligned with Dubai benchmarks.
Other Indian refiners have paused Russian oil purchases due to sanctions.
Sanctions created discounted Russian oil, making it attractive to Indian buyers as China demand wanes.

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Story summary

Indian Oil Corporation (IOC) purchased five December-delivery cargoes of Russian crude from non-sanctioned entities.
Anuj Jain, IOC's head of finance, said IOC will continue buying Russian oil if sanctions remain compliant.
IOC bought about 3.5 million barrels of ESPO crude at prices aligned with Dubai benchmarks.
Other Indian refiners have paused Russian oil purchases due to sanctions.
Sanctions created discounted Russian oil, making it attractive to Indian buyers as China demand wanes.