India’s largest oil refiner, Indian Oil Corporation (IOC), has taken a significant step towards diversifying its crude oil supply by purchasing Colombian crude, from state oil company Ecopetrol, for the first time.
The move comes as India’s imports of Russian oil declines amid tightening sanctions from the U.S. and European Union.
The deal involves the purchase of two million barrels of Castilla crude, a heavy, high-sulphur grade produced in Colombia. Delivery is scheduled for late February 2026.
The deal includes an option that would allow the IOC to scale up purchases to as much as 12 million barrels, signaling potential for a longer-term supply relationship between the Indian refiner and Colombian producers.
This marks a notable change in sourcing strategy for Indian Oil, which has historically relied heavily on supplies from Russia and the Middle East.
Since 2022, Russia had emerged as one of India’s largest crude suppliers, offering discounted barrels after Western sanctions reshaped global oil flows. However, those supplies are now showing signs of strain.
In December, India’s imports of Russian oil are expected to fall to around 1.2 million barrels per day, the lowest level in three years.
Latin America has increasingly featured on the radar of Indian refiners looking to reduce overdependence on any single region. Colombia, Brazil, and Guyana have all expanded crude production in recent years, offering alternative supply options.
While transportation costs from Latin America are generally higher than those from the Middle East, refiners may see value in spreading geopolitical and supply risks across multiple regions.
As India is the world’s third-largest oil importer, securing diverse and reliable crude supplies remains a strategic priority.
Counting is underway in Armenia's elections. The results of the vote are set to determine the political direction of the country of three million peop...
The Iranian national football team is set to arrive in North America for the World Cup after finally securing travel documents, but a dispute over U.S...
Azerbaijan's Foreign Ministry has confirmed the number of casualties its citizens suffered as a result of the 5 June drone attacks on the cargo ships ...
The U.S. plans to seek the redirection of Iranian assets to Gulf states to help fund reconstruction and repairs for damage attributed to Iran, a sourc...
At least a dozen people were wounded, two critically, on Saturday (6 June) in Toledo, Ohio, as two shooters traded gunfire, police said....
At least 21 people, including 18 foreign nationals, have died after a devastating fire swept through a hotel in India's capital, Delhi, on Wednesday. The blaze is among the deadliest fires recorded in the city since 2022.
India is expected to experience its weakest monsoon in more than a decade in 2026, raising concerns over crop production, food prices and economic growth as the country also grapples with inflationary pressures linked to the Iran conflict.
Emergency teams rescued 320 tourists stranded in 65 cable cars in Kashmir after a gondola disruption triggered a six-hour evacuation operation.
Parts of India are facing power cuts as record-breaking heat has driven electricity demand to more than 270 gigawatts, prompting the government to urge consumers to limit usage.
Counting is underway in Armenia's elections. The results of the vote are set to determine the political direction of the country of three million people for the next few years. Prime Minister Nikol Pashinyan is hoping to fend off challenges from several pro-Russia candidates to secure a third term.
Armenian authorities arrested six candidates from the pro-Russian Strong Armenia bloc on Saturday, one day before voters were due to take part in parliamentary elections.
More than 6,000 people gathered outside a vote-counting centre in Seoul on Friday night, demanding this week’s local elections be repeated after ballot shortages left some voters unable to cast their ballots.
Azerbaijan's Foreign Ministry has confirmed the number of casualties its citizens suffered as a result of the 5 June drone attacks on the cargo ships Natra and Zircon in the Sea of Azov. In a statement, it said four Azerbaijani citizens were killed and four others were injured.
The U.S. said it struck Iranian radar sites on Qeshm Island and in Goruk after intercepting four drones, while Iran's Revolutionary Guards said they launches retaliatory strikes on four tankers in the Strait of Hormuz and targeted U.S. bases in the Gulf.
Chinese carmakers are rapidly reshaping the global automotive market, with record exports, soaring electric vehicle sales and growing investments overseas putting pressure on established European, Japanese and U.S. rivals.
The International Labour Organization (ILO) has begun its latest round of negotiations on creating the first binding global standards for platform-based work, covering services such as ride-hailing, food delivery and other app-based work.
European companies are continuing to deepen their presence in China, with nearly seven in ten firms maintaining or expanding their supply chains despite global efforts to diversify, according to a new survey by the EU Chamber of Commerce.
BP has removed its chair, Albert Manifold, with immediate effect, citing concerns over governance and conduct. The company said its board had unanimously decided that Manifold should no longer serve as chair or director.
The dual-class share structure outlined in SpaceX’s initial public offering (IPO) filing, which gives chief executive Elon Musk outsized control, has reignited one of Wall Street’s longest-running debates over corporate governance.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment