India’s Largest Oil Refining Company Seeks Alternative Oil Suppliers Amid US Sanctions Against Russia
In light of recent geopolitical developments, Ukraine’s economy and energy sector are experiencing significant influences from global processes.
India’s largest state-owned oil refining corporation, Indian Oil Corp., is developing new strategies for oil procurement in response to intensified US sanctions affecting the Russian oil sector.
According to internal sources, the company plans to purchase up to 24 million barrels of oil in the first quarter of next year from suppliers in North and South America, including the US, Canada, and Brazil, to compensate for reduced Russian oil imports following the latest round of US sanctions.
This indicates that the Indian energy sector is actively seeking alternative sources of fuel to maintain the country’s energy security, especially since Indian Oil Corp.
ceased buying Russian oil on October 22, aiming to minimize risks associated with sanctions and potential price fluctuations.
Moving forward, the company intends to select approximately five major suppliers from the Americas to ensure supply stability.
However, Indian refineries continue to consider alternative sources, as global political shifts push them to review long-term procurement strategies.
Experts highlight that such changes could trigger a reorientation of global oil flows, directly affecting Ukraine, which traditionally serves as a transit route for energy supplies.
Given these trends, Ukraine may need to reassess potential risks to its energy security and explore diversification options in the evolving landscape of sanctions and market shifts.