Indian refiners preparing to replace russian oil with raw materials from US, Brazil and OPEC countries

Indian state-owned oil refining company Indian Oil Corporation (IOC) is busy looking for alternative sources of crude oil after the U.S. imposed a large package of sanctions that affected the supply of "black gold" from russia.

IOC Chairman Arvinder Singh Sahni announced this to Bloomberg.

According to him, the latest U.S. sanctions could affect daily supplies of up to 2 million barrels of oil to India and China.

"Everything that went to Russia was only on the spot market. Now we will restore the balance," Sahni said.

Now the IOC intends to turn to other oil suppliers. These are the U.S., Guyana, Brazil and OPEC countries.

Sahni stressed that the U.S. sanctions will have little impact on IOC, as the company also receives oil from Middle Eastern countries.

"We have enough sources, we have enough cooperation, we have enough geopolitical and commercial alliances for the future," the IOC chairman added.

Recall that at the end of December 2024, Reuters wrote, citing sources, that Indian refiners were considering purchasing oil from Middle Eastern countries due to reduced supplies from russia.

Earlier, it became known that russia had found a way to force Indian companies to sign long-term contracts for oil supplies.

For example, in the first half of December 2024, India and russia signed the largest oil contract in the history of relations between the countries.