Indian Oil Corp (IOC), India&rsquo;s largest refiner, anticipates a decline in its Russian oil imports for the fiscal year ending March 31, 2024, due to the latest U.S. sanctions on Moscow. Anuj Jain, IOC&rsquo;s head of finance, revealed this during an analyst call on Tuesday following the company&rsquo;s December-quarter earnings.
The sanctions, aimed at Russian producers, insurers, and tankers, have disrupted the supply chain, making it challenging for Indian refiners to secure Russian oil. Jain noted that Russian oil accounted for about 25% of IOC's crude imports during the first nine months of this fiscal year, down from 30% in 2023-24.
This month, Russian oil supplies have been low, and IOC expects further shortages in March. To address the shortfall, IOC will rely on its term suppliers and other global markets. "There is no dearth of oil," Jain stated, emphasizing that the company would only buy Russian oil if offered at reasonable discounts.
India emerged as a top buyer of discounted Russian seaborne oil after European nations imposed sanctions on Moscow in response to its invasion of Ukraine. However, discounts on Russian oil delivered to Indian ports have narrowed to approximately $2 per barrel, compared to $3 per barrel in December, Jain said.
IOC remains committed to ensuring a stable crude supply despite geopolitical challenges, reinforcing its strategic approach to sourcing from diverse markets.
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Source : Business Standard

Indian Oil Corp (IOC), India’s largest refiner, anticipates a decline in its Russian oil imports for the fiscal year ending March 31, 2024, due to the latest U.S. sanctions on Moscow

Indian Oil Corp Faces Potential Drop in Russian Oil Imports Amid U.S. Sanctions