Indian Oil, BPCL, HPCL may boost Russia oil imports as India-US trade talks drag on
Simultaneously, Indian Oil, BPCL and HPCL have begun talks with national oil companies in the Middle East and Africa for term deals for 2026.
Indian refiners, led by Indian Oil, BPCL and HPCL, are expected to boost their Russian oil imports as India-US trade talks drag on and discounts widen.
Discounts on Urals crude loading in November are $2-2.50 a barrel to Dated Brent, making it attractive, people familiar with the developments said. That’s cheaper than discounts of about $1 a barrel in July-August, when supplies were tight due to Moscow’s prioritising local customers.
For the current month, ship-tracking data point to an uptick in arrivals. Crude imports from Russia could average about 1.7 million barrels a day in October, according to Kpler Ltd. That would be about 6% higher on-month, but slightly lower than last year’s pace.
Spokespeople for Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. and Hindustan Petroleum Corp. Ltd. didn’t reply to email seeking comments.
President Donald Trump imposed 50% US tariff on India in August in a bid to pressure New Delhi to curb its appetite for Russian oil, although it’s refrained from similar action against China, another major buyer. In response, India made plain the deals are price-driven and would continue, although it’s also signaled it wants to buy more US energy amid talks for a India-US trade deal.
Still, at this stage it remains unclear whether Indian refiners will continue to maximise purchases of discounted Russian crude given the talks with the US, the people said. Last month, officials from New Delhi described meetings as “constructive”, even with Washington’s demand that India stops buying Russian oil.
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Meanwhile, Indian Oil, BPCL and HPCL have begun talks with national oil companies in the Middle East and Africa for term deals for 2026, the people said. Refiners would be seeking for greater volumes from suppliers able to provide flexibility around volumes, such as allowing buyers to resell or optimize cargoes should Russian imports become more viable.
