By Newscript News Network
August 21, 2025
Indian Oil Corporation (IOC) and Bharat Petroleum (BPCL) have resumed imports of Russian Urals crude for September–October delivery, ending a brief suspension in July when discounts narrowed and US diplomatic pressure mounted. Industry officials said Urals is now trading at about $3 per barrel below Brent, restoring its competitiveness. “India continues to optimise its crude basket while maintaining strategic autonomy,” said a senior oil ministry official.
At the same time, IOC has purchased two million barrels of US West Texas Intermediate (WTI) for October delivery at a $2.80–$2.90 premium to dated Brent. The deal is seen as part of a diversification strategy to balance risks after the Trump administration announced a 25% tariff on Indian goods from August 28.
IOC is also investing ₹34,000 crore in refinery expansions at Panipat and Vadodara to meet India’s surging demand. Russian oil accounted for 22% of IOC’s supplies in FY25, a share expected to rise to 24% in FY26. Separately, IOC’s Panipat Refinery became the first in India to secure ISCC CORSIA certification for sustainable aviation fuel, underscoring its decarbonisation push.