Indian oil refiners have secured crude oil supplies for the next 45 days, capitalizing on a market flush with available cargoes.
The surge in availability stems largely from Ukraine’s recent drone attacks on Russian refineries, which have disrupted domestic processing capacity and forced a redirection of barrels toward export markets.
Russia remains New Delhi’s top supplier, but buyers are diversifying their intake to include replacement barrels from the United States, Venezuela, Africa, and Oman.
The influx of supply is providing a buffer for Indian processors, who are managing a complex sourcing landscape.
While a temporary 60-day waiver from US sanctions has technically opened a regulatory window for trade with Iran, major Indian buyers are not expected to significantly increase purchases of Iranian crude.
Analysts note that logistical and financial hurdles continue to limit the uptake of discounted Iranian barrels, keeping the focus on more established supply chains.