Archive · 15 Aug 2026
IOC, HPCL rush to secure crude cargoes through November
India is one of the biggest buyers of oil in the whole world.
Oil is used to make fuel for cars, buses, planes, and many other things.
India gets about half of its oil from Russia.
Ukraine has been attacking oil and port buildings in Russia, so less Russian oil is getting out.
There is also trouble near the Strait of Hormuz, a narrow sea path that many oil ships use.
Talks between the United States and Iran are stuck, so everyone is worried the oil route may stay closed.
Because of this, Indian oil companies are buying oil much earlier than they normally do, some even for November.
Buying fuel early is like a squirrel storing nuts for winter, so they don't run out.
The United States also wants to put big taxes on countries that buy oil from Russia, but India says that is not its problem.
Indian companies are also buying oil from West Asia and Africa to stay safe.
Indian Oil Corporation and Hindustan Petroleum are seeking spot crude cargoes for delivery as far ahead as November, well beyond their usual one-to-two-month horizon.
Ukrainian attacks on Russian energy and port infrastructure have pushed Russian supplies to India to their lowest level since May.
HPCL bought about 4 million West Asia barrels for October delivery that avoid the Strait of Hormuz, while MRPL booked West African oil arriving the same month.
Indian refiners plan to issue more tenders in the coming weeks, with some November volumes already ordered.
The US Senate passed legislation authorising steep tariffs on major purchasers of Russian energy, including India and China, though the measures are not yet in effect.
- Who
- Indian public sector refiners Indian Oil Corporation (IOC), Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery & Petrochemicals (MRPL).
- What
- Rushing to procure spot crude supplies unusually far in advance, seeking cargoes for delivery as far ahead as November.
- When
- Current reporting period, with cargoes sought for October and November delivery.
- Where
- India, sourcing crude from Russia, West Asia and West Africa, with shipping routes through the Strait of Hormuz at risk.
- Why
- Ukrainian attacks on Russian energy and port infrastructure, deadlocked US-Iran talks over the Strait of Hormuz, and the threat of US sanctions on buyers of Russian oil.
US pressure on Russian oil buyers
India's supply security
Tariffs on buyers of Russian oil
US pressure on Russian oil buyers
The US Senate passed legislation authorising steep tariffs on major purchasers of Russian energy, including India and China.
India's supply security
India has said the bill is the US's internal matter and its state refiners continue their procurement drive.
Reopening of the Strait of Hormuz
US pressure on Russian oil buyers
Peace talks between the US and Iran could restore confidence in the Strait of Hormuz and return West Asian oil exports to normal.
India's supply security
Hardening positions in Washington and Tehran, plus Iran's attacks on two UAE ships, have dimmed hopes for a breakthrough and left reopening uncertain.
Russian oil flows to India
US pressure on Russian oil buyers
Ukraine's attacks on Russian energy and port infrastructure have reduced Russian oil supplies to their lowest since May.
India's supply security
Russia remains India's biggest crude supplier, covering about half of PSU refiners' purchases, and Indian firms are locking in future volumes.
- Refiners seeking cargoes
- Indian Oil Corporation, Hindustan Petroleum Corporation (HPCL), Mangalore Refinery & Petrochemicals (MRPL)
- Supply horizon
- Spot cargoes for delivery through November
- Usual procurement lead time
- One to two months ahead
- Russian crude share
- About half of PSU refiners' purchases; supplies at lowest since May
- HPCL October purchase
- About 4 million West Asia barrels avoiding the Strait of Hormuz
- US legislation
- Senate passed steep tariffs on major buyers of Russian energy; not yet in effect
- Key risks cited
- Ukrainian attacks on Russian energy assets; uncertain Hormuz reopening; Iran attack on two UAE ships