India’s state-owned Hindustan Petroleum Corporation Limited has purchased four million barrels of Nigerian crude oil, a significant move by the world’s largest crude importer to diversify supply chains amid ongoing tensions in the Strait of Hormuz.
The transaction, reported by The Punch, highlights the intensifying efforts by Indian refiners to secure alternative sources as shipping risks in the Middle East remain elevated.
The move comes as India’s strategic crude oil reserves have rebounded to near-full capacity, reaching 104 million barrels by the end of June, according to data from analytics firm Kpler.
This acquisition follows a previous purchase of two million barrels of Nigeria’s Utapate and Okwuibome crude for September delivery, indicating a sustained strategic pivot toward West African barrels.
The move comes as India’s strategic crude oil reserves have rebounded to near-full capacity, reaching 104 million barrels by the end of June, according to data from analytics firm Kpler.
With stockpiles restored, Indian buyers are now focusing on securing steady, low-risk supply flows rather than building emergency buffers.
The shift in sourcing patterns reflects the broader market impact of the US-Iran crisis, which has kept shipping insurance premiums high and route uncertainty persistent in the Hormuz corridor.