India’s largest state-owned refineries — Indian Oil Corp. and Bharat Petroleum Corp. — have purchased Russian oil for delivery in January 2026, attracted by a larger discount. According to Bloomberg, the discount rose to about $5 per barrel compared to Brent, whereas a month earlier it was $3.
Source: Gazeta.UA
At the same time, the total export volume to New Delhi will not exceed one-third of the average monthly supply of Russian oil this year, or about 600,000 barrels per day. More than half of this volume will go to Nayara Energy, partly owned by Rosneft and under sanctions.
India has developed a special mechanism that allows it to continue purchasing Russian oil despite the tightening of US sanctions. Indian Oil Corp. will also receive shipments of Russian oil in December, while Bharat Petroleum Corp. has not yet made purchases.
Indian banks are ready to consider financing such deals provided they comply with sanctions and suppliers are not on blacklists. Overall, Indian refiners continue to diversify their supply, ordering oil from other countries, including Guyana.
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