Indian Oil Secures Russian ESPO Crude for December at Near-Dubai Parity

Indian Oil Corporation (IOC.NS), India’s largest refiner, has confirmed the purchase of five cargoes of Russian ESPO (Eastern Siberia–Pacific Ocean) crude for December 2025 arrival. According to trade sources, the crude was acquired from non-sanctioned suppliers, ensuring compliance with international regulations. The pricing was reportedly close to parity with Dubai quotes, making it a competitive buy for the state-run refiner.

This move reflects India’s ongoing strategy to diversify energy imports while navigating Western sanctions targeting specific Russian entities. IOC’s procurement aligns with its policy of sourcing crude within the price cap and from legally permissible channels. The ESPO blend, known for its light and sweet characteristics, is favored by Asian refiners for its high yield and low sulfur content.

Key highlights:

• IOC purchased five ESPO crude cargoes for December delivery  
• Sourced from non-sanctioned Russian entities  
• Pricing close to Dubai benchmark levels  
• ESPO blend preferred for its light, sweet profile  
• Deal complies with international sanctions and price cap norms  
   

Sources: Reuters, Economic Times, Frontline (The Hindu)