Key facts
- Indian refiners are buying crude from Oman and West Africa due to shipping disruptions in the Strait of Hormuz and Bab el-Mandeb.
- MRPL acquired about 1 million barrels of Omani crude.
- IOC bought 4 million barrels of West African crude, including grades from Angola and Congo.
- HPCL purchased 2 million barrels of Nigerian crude.
- Refiners are seeking supplies from distant producers like Angola and Venezuela to compensate for Middle Eastern term supply losses.
Indian refiners are increasingly sourcing crude oil from West Africa and Oman as geopolitical tensions and shipping constraints disrupt traditional supply routes through the Strait of Hormuz and the Bab el-Mandeb strait. State-controlled Mangalore Refinery and Petrochemicals Limited (MRPL) recently acquired approximately 1 million barrels of Omani crude at a premium of about $3 per barrel to Dated Brent. Indian Oil Corporation (IOC), the country's largest refiner, has purchased 4 million barrels of West African grades, including Angolan and Congolese crudes, from Chevron. Additionally, Hindustan Petroleum Corporation Limited (HPCL) secured 2 million barrels of Nigerian crude from Glencore. These moves come as Indian refiners scramble to replace lost term supplies from the Middle East, with increased imports of Russian crude proving insufficient. The search for alternative sources extends as far as Angola and Venezuela to circumvent the Middle Eastern chokepoints.