India’s state refiners Indian Oil Corporation and Hindustan Petroleum Corporation have together bought two million barrels of Merey crude from Venezuela for delivery in the second half of April, two trade sources aware of the deal said.
The crude will be carried on a single very large crude carrier with IOC taking about 1.5 million barrels and HPCL about 500,000 barrels and is set to arrive on India’s east coast, the sources said, adding the seller was Trafigura.
The purchase highlights Indian refiners’ effort to diversify their imports to partly replace Russian oil, which they are avoiding to help New Delhi seal a trade deal with Washington. The purchase of Venezuelan oil is the first by HPCL, with IOC, the country’s top refiner, having previously bought Venezuelan oil in 2024, data compiled by Reuters shows.
Indian companies do not comment on spot tenders due to confidentiality agreements. Trafigura declined to comment.
