By Nidhi Verma NEW DELHI, March 5 (Reuters) - India's state-run Hindustan Petroleum Corp has resumed purchase of Russian oil after a gap of three months, buying two cargoes for arrival later this
India's HPCL Resumes Russian Oil Purchases After Three-Month Pause
HPCL's Recent Russian Oil Transactions and Market Impact
By Nidhi Verma
Resumption of Russian Oil Purchases
NEW DELHI, March 5 (Reuters) - India's state-run Hindustan Petroleum Corp has resumed purchase of Russian oil after a gap of three months, buying two cargoes for arrival later this month, two sources familiar with the matter said.
Details of the Recent Transactions
The refiner placed an order for two aframax tankers carrying Russian oil before the U.S. and Israel launched strikes on Iran on February 28, the sources said.
Pricing and Supplier Information
HPCL purchased the oil from a trader at a discount of around $13 per barrel to dated Brent on a delivered basis, the sources said.
HPCL's Previous Stance and Market Context
HPCL did not immediately respond to a request for comment and has not commented previously on why it stopped buying Russian oil.
Trends in India's Russian Oil Imports
India's imports of Russian crude fell to about 1.1 million barrels per day in January, the lowest since November 2022, as New Delhi sought relief from U.S. tariffs, pushing Moscow’s share of overall oil imports down to 21.2%, industry data showed.
Potential Rebound in Russian Oil Share
However, a source said on Wednesday that the share of Russian oil could climbed back to around 30% in February.
(Reporting by Nidhi Verma. Editing by Mark Potter)
