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The Largest Refinery In India Will Increase Imports Of Brazilian Oil To At Least 24 Million Barrels, Amid Declining Volumes From Russia And The Search For Diversification Of Suppliers.
The Indian Oil Corp (IOC), largest refinery in India, announced that it will purchase at least 24 million barrels of crude oil from Brazil in the next fiscal year, from April 2026 to March 2027, an increase from the 18 million acquired in the previous year, executives told Reuters.
This move comes amid a decline in Russian oil imports by Indian refineries, which were among the main suppliers in recent years.
The reduction in these volumes is driven, in part, by Western sanctions and geopolitical pressures, leading IOC and other companies in the sector to seek new partners, including Brazil.
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Global Strategy For Oil Diversification
Indian Oil plans to buy half of its oil through term contracts, a strategy that provides more stability and supply predictability. In addition to Brazil, the company has also purchased its first crude shipments from Colombia and Ecuador.
At the same time, Indian refiners are exploring other sources, such as Venezuelan oil, but current offers do not reach the discounts they consider competitive.
The shift in India’s strategy comes after a period when the country was the largest buyer of discounted Russian oil on the international market. With sanctions and increasing global pressure, the share of Russian oil in Indian imports has fallen, opening the door for imports from other origins.
At the same time, Indian Oil has been diversifying its supplier basket, acquiring volumes from countries such as Angola, the United Arab Emirates, and Latin America itself, including Brazilian shipments.
Brazil Enters India’s Energy Radar
Experts point out that Brazil is gaining ground as an oil supplier, amid India’s search for energy stability. Petrobras already has contracts with Indian refiners, and larger negotiations may intensify as demand for oil from different sources grows in the Asian market.
This increase in Brazilian oil imports by India could alter international oil flows and impact long-term agreements between traditional producers and emerging buyers.
Do you trust that the government and Petrobras will protect the Brazilian consumer in this new geopolitical game?
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