Latest news with #Agbami
Business Insider
2 days ago
- Business
- Business Insider
India ditches Russia for Africa's largest oil producer in major supply shake-up
India's state refineries are increasingly relying on Nigerian crude oil to satisfy their supply requirements, signaling a significant change in global energy trading patterns. Indian state refineries are increasingly sourcing crude oil from Nigeria amidst global trading shifts. By late 2025, over two million barrels of Nigerian oil are set to arrive in India. India's shift from Russian to alternative sources is influenced by political pressures, notably from the US. More than two million barrels of Nigerian oil are projected to arrive in India between September and October 2025, as political pressure from the US forces the South Asian country to reduce its imports from Russia. According to industry insiders, the Indian Oil Corporation (IOC) recently purchased one million barrels of Nigerian Agbami oil for September delivery through a tender awarded to the global trading firm Trafigura. The move is part of a larger buying frenzy by Indian refiners, which have obtained millions of barrels from non-Russian sources in recent weeks. Bharat Petroleum Corporation Limited (BPCL), India's second-largest state refiner, also made spot purchases while negotiating for September deliveries, as seen in the Punch. The South Asian market purchased one million barrels of Angola's Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian crude for delivery in September and October. This shift comes after Indian state refiners ceased purchases of Russian crude in late July, citing a delay advocated by US President Donald Trump. Since Russia's 2022 invasion of Ukraine, India has been one of the few big purchasers of cheap Russian oil, taking advantage of reduced costs while escaping the Western boycott. This policy kept Indian refiners mostly out of the spot market for other suppliers, until recently. Nigeria's acquisitions signal an increase in sales to Asia, a sector long dominated by Middle Eastern oil producers. Nigerian crude grades, recognized for their low sulfur content, are ideal for India's refineries, which generate vast amounts of gasoline and diesel for domestic and export markets. However, the development comes with a twist, which industry analysts refer to as oil trade irony. Even though Nigeria sells millions of barrels of petroleum to India, the Dangote Oil Refinery, Africa's largest refinery, located within Nigeria, is increasingly purchasing crude from the US.
Business Insider
2 days ago
- Business
- Business Insider
Africa's largest oil producer surpasses Russia to secure India's crude supply deals
India's state refineries are increasingly relying on Nigerian crude oil to satisfy their supply requirements, signaling a significant change in global energy trading patterns. Indian state refineries are increasingly sourcing crude oil from Nigeria amidst global trading shifts. By late 2025, over two million barrels of Nigerian oil are set to arrive in India. India's shift from Russian to alternative sources is influenced by political pressures, notably from the US. More than two million barrels of Nigerian oil are projected to arrive in India between September and October 2025, as political pressure from the US forces the South Asian country to reduce its imports from Russia. According to industry insiders, the Indian Oil Corporation (IOC) recently purchased one million barrels of Nigerian Agbami oil for September delivery via a tender given to global trading firm Trafigura. The move is part of a larger buying frenzy by Indian refiners, which have obtained millions of barrels from non-Russian sources in recent weeks. Bharat Petroleum Corporation Limited (BPCL), India's second-largest state refiner, also made spot purchases while negotiating for September deliveries. The South Asian market purchased one million barrels of Angola's Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian crude for delivery in September and October. This shift comes after Indian state refiners ceased purchases of Russian crude in late July, citing a delay advocated by US President Donald Trump. Since Russia's 2022 invasion of Ukraine, India has been one of the few big purchasers of cheap Russian oil, taking advantage of reduced costs while escaping the Western boycott. This policy kept Indian refiners mostly out of the spot market for other suppliers, until recently. Nigeria's acquisitions signal an increase in sales to Asia, a sector long dominated by Middle Eastern oil producers. Nigerian crude grades, recognized for their low sulfur content, are ideal for India's refineries, which generate vast amounts of gasoline and diesel for domestic and export markets. However, the development comes with a twist, which industry analysts refer to as oil trade irony. Even though Nigeria sells millions of barrels of petroleum to India, Africa's largest refinery, located within Nigeria, is increasingly purchasing crude from the US.
Business Recorder
6 days ago
- Business
- Business Recorder
India's IOC buys Nigerian crude for September delivery, sources say
SINGAPORE: Indian Oil Corp (IOC), India's top refiner, has bought one million barrels of Nigeria's Agbami crude oil for September delivery, trade sources said on Wednesday. The tender, conducted via ICE chat, was awarded to Trafigura, they added. The price was not immediately known. Last week, IOC bought 7 million barrels crude from the United States, Canada and the Middle East via a tender for September delivery, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.
