India Secures 4 Million Barrels of Nigerian Crude Oil

Hindustan Petroleum Corporation Limited (HPCL), a state-owned Indian company, has acquired a total of four million barrels of Nigerian crude oil as Indian refiners seek alternative supplies amid the US-Iran crisis and disruptions in Middle Eastern oil shipments. The purchases included two million barrels obtained through tenders in two transactions, with the latest involving one million barrels each of Forcados and Bonga crude grades from Shell.

These cargoes are designated for HPCL’s Visakh refinery in Andhra Pradesh, which has a processing capacity of 300,000 barrels per day. Previously, HPCL had purchased another two million barrels of Nigerian crude from commodity trader Glencore, consisting of one million barrels each of Okwuibome and Utapate crude grades, intended for HPCL Rajasthan Refinery Limited, which has a processing capacity of 180,000 barrels per day.

The growing demand for Nigerian crude reflects the ongoing constraints in Middle Eastern oil supplies due to shipping issues around the Strait of Hormuz and Bab el-Mandeb.