IOC resumes Russian oil flows, diversifies with US crude
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 India...