By Admin 
India has taken an important strategic step regarding the supply of crude oil. Indian Oil Corporation (IOC) has started diversifying crude oil sourcing amid increasing international sanctions on Russia and global supply uncertainties.
In this series, IOC has purchased crude oil from Colombia for the first time.
This deal has been done under the alternative supply agreement with Colombia’s government company Ecopetrol. IOC has purchased 2 million barrels of Castilla Grade crude oil, delivery of which is expected by the end of February.
So far the IOC’s dependence has been mainly on Russia and the Middle East.
According to Kpler, India’s Russian oil imports may decline to 12 lakh barrels per day in December. This change reflects India’s energy security strategy.