State-run Indian Oil Corporation (IOC) has invited initial bids for 24 million barrels of crude oil from suppliers in the Americas for the January–March 2026 quarter, according to a tender document reviewed by Reuters on Thursday.
The move comes as Indian refiners temporarily halt new purchases of Russian crude following U.S. sanctions imposed last week on Moscow’s two largest oil producers, prompting several buyers to turn to the spot market for alternative supplies.
A source familiar with the matter said that Indian Oil, the country’s largest refiner, issued the tender to assess market interest in sourcing oil from the Americas should the need arise to diversify supply options.
Since Russia’s invasion of Ukraine in 2022, India has emerged as the biggest buyer of seaborne Russian crude, taking advantage of discounted prices. However, the latest U.S. sanctions have disrupted trade flows and may force refiners to explore new sourcing regions, including the Americas.
