Brief by Shorts91 Newsdesk / 04:45am on 21 Aug 2025,Thursday India Global
India’s state-run refiners—Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL)—have restarted buying Russian crude for September and October cargoes, following a pause in July. The decision was prompted by steeper discounts on Russia’s Urals grade—roughly $3 per barrel—making imports economically compelling despite political scrutiny from Washington. Previously, both firms halted Russian oil purchases amid U.S. criticism and looming tariff threats. Besides Urals, IOC has secured other grades like Varandey and Siberian Light. The companies emphasized that procurement decisions remain grounded in economic rationale.
