Indian Oil Corp Buys 5 Million Barrels as Middle East Risks Drive Shift to Africa
Updated
Updated · Business Insider Africa · Jun 1
Indian Oil Corp Buys 5 Million Barrels as Middle East Risks Drive Shift to Africa
7 articles · Updated · Business Insider Africa · Jun 1
Indian Oil Corp last week bought 5 million barrels via tender, including Angola’s Kissanje and Nemba, Nigeria’s Usan and Abu Dhabi’s Murban for delivery to Paradip, Vadinar and Chennai.
Strait of Hormuz shipping risks tied to conflict involving Iran, Israel and the United States have pushed Indian refiners to seek barrels less exposed to Middle East disruption.
Kpler data showed India raised imports from Angola, Nigeria, Venezuela and Brazil in April and May, extending a diversification drive that had already accelerated under Western pressure to curb Russian crude purchases.
West African cargoes traded at premiums of about $4 a barrel to dated Brent, underscoring strong Indian demand and boosting prospects for export earnings and trade ties with Nigeria and Angola.
India imports more than 80% of its crude, making shifts by its refiners significant for African producers and for supply patterns across global oil markets.
Is India's scramble for African oil a smart pivot or a costly reaction to a predictable crisis?
With LPG supplies cut, can Delhi's emergency plan prevent a nationwide crisis for 330 million households?
Navigating the 2026 Oil Shock: India’s Strategic Crude Diversification Amid Middle East Conflict and Global Price Surge
Overview
In response to global energy market volatility in late May 2026, Indian Oil Corporation (IOC) took immediate action to ensure supply continuity and strengthen India’s energy security. IOC strategically diversified its crude oil purchases, sourcing significant volumes from both West Africa and the Middle East. This included securing Abu Dhabi’s high-quality Murban crude, with consignments from major trading firms for key Indian refineries. By broadening its supplier base, IOC aimed to reduce risks from regional disruptions and maintain stable energy supplies for India, demonstrating a proactive approach to navigating a rapidly changing global oil landscape.