Indian Oil Corporation Buys 2m Barrels of Nigerian Oil, Boosting Production

The Indian Oil Corporation (IOC) has purchased two million barrels of crude oil from Nigeria, skipping US crude in its latest tender. The top Indian refiner bought one million barrels of Nigerian oil grade Agbami and another million barrels of Abu Dhabi Das crude.

This purchase signifies a shift away from US crude and a boost for Nigerian oil production, which has reached one million barrels per day in July 2025. The increase in output marks progress towards Nigeria's target of producing two million barrels per day by 2025, aided by improved security measures in the Niger Delta region to combat oil theft.