A man paints the logo of oil refiner Bharat Petroleum on a wall on the outskirts of Kochi, India
Indian refiners face sourcing dilemma
With new capacity, buyers must navigate sanctioned Russian crude, a return to traditional OPEC barrels and diversity of supply
India, the world’s third-largest importer of crude, shows no sign of waning appetite, with refining capacity expected to expand in 2025. Russia and OPEC’s Middle East grades have been top of the menu, and that may well continue up to a point. But sanctions, geopolitical shifts and crude quality mean it may no longer be a simple straight shoot out even if OPEC producers now have the upper hand. India imported 4.84m b/d of crude oil in 2024, registering growth of 4.3% from 2023. On a regional basis, OPEC was the largest supplier to India. The region accounted for 51.5% of total exports in 2024, as compared with 49.6% in 2023. However, on individual country basis, Russia was the largest crude o
Also in this section
26 March 2025
Oil majors including Shell, TotalEnergies and Chevron are turning to Suriname’s oil potential as South America’s smallest country seeks to replicate the success of neighbouring Guyana
26 March 2025
The Paris-based energy watchdog is reverting to its core mission and putting security over transition
25 March 2025
Cote d’Ivoire’s ambitions to become a major regional producer have gained renewed momentum, with established players and new entrants striking upstream deals and committing to long-term investment
24 March 2025
Indian E&P company wants to take domestic production to a new horizon, given the amount of unexplored opportunities
