"Indian Oil Corporation has completed its first purchase of Colombian crude oil under its contract with Ecopetrol, according to industry sources."

Indian Oil Corporation (IOC) has purchased its first cargo of Colombian crude oil under an optional supply agreement with state-owned oil producer Ecopetrol, according to two people familiar with the matter. The move underscores India’s largest refiner’s efforts to diversify crude sourcing away from Russia.

Indian refiners are increasingly scouting for alternative crude supplies as tighter sanctions imposed by the United States and the European Union on Russian oil producers and shipping vessels disrupt imports from Moscow.

India’s imports of Russian crude are expected to fall sharply to a three-year low of about 1.2 million barrels per day (bpd) in December, down from 1.84 million bpd in November, according to ship-tracking firm Kpler. The decline reflects growing logistical and compliance challenges linked to sanctions, prompting refiners to widen their procurement base.