Indian Oil Corp (IOC) , the country's top refiner, has bought 7 million barrels of spot Middle Eastern and African crude oil via tenders, including a rare purchase of Abu Dhabi's Murban, as U.S. sanctions are expected to hit supplies from Russia,

Indian Oil Corp is buying Middle Eastern and African crude to replace Russian volumes affected by U.S. sanctions.

Indian Oil Corp has purchased 7 million barrels of Middle Eastern and African crude oil, including Abu Dhabi's Murban, amid U.S. sanctions on Russian oil.

Chinese and Indian refiners will source more oil from the Middle East, Africa and the Americas, boosting prices and freight costs.

It is India's first tender for sour crude imports since March 2022. IOC and other Indian refiners have significantly increased purchases of Russian oil over the past two years, taking advantage of discounted prices after the West imposed sanctions on Moscow over its full-scale invasion of Ukraine in 2022.

India's top refiner, Indian Oil Corp (IOC), has purchased 7 million barrels of Middle Eastern and African crude oil via tenders, including a rare buy of Abu Dhabi's Murban, as U.S. sanctions impact supplies from Russia.