HPCL Buys 2 Million Barrels Of Angolan Oil Amid West Asia Crisis: Report

Last Updated:March 20, 2026, 23:47 IST

HPCL bought a million barrels each of Clov and Cabinda grades from Exxon at around a $15 premium to dated Brent on a delivered basis, as per the report.

The purchases are for HPCL’s 180,000-barrels-per-day Barmer refinery in Rajasthan, as per the report. (Image Credit: Reuters)

Hindustan Petroleum Corp (HPCL) purchased 2 million barrels of Angolan crude oil via a tender, Reuters reported citing sources in the know, as reduced availability of Middle Eastern oil pushed Indian refiners towards West African and Asia-Pacific grades.

HPCL bought a million barrels each of Clov and Cabinda grades from Exxon at around a $15 premium to dated Brent on a delivered basis, for arrival on India’s west coast between May 1-10, unnamed sources told Reuters. Earlier this week, the refiner also purchased a million barrels each of Forcados and Agbami from trader Totsa. The purchases are for HPCL’s 180,000-barrels-per-day Barmer refinery in Rajasthan, as per the report.

Indian refiners, which have historically relied on Middle Eastern oil for over 45 per cent of its imports, have been hit by supply disruptions caused by the US-Israeli war on Iran, which has halted shipments through the Strait of Hormuz. The Oman and Dubai benchmarks, used to price millions of barrels of Middle Eastern crude bound for Asia, eased on Friday but surged earlier in the week, making Middle Eastern crude the world’s most expensive. Prices earlier this week exceeded the previous record of $147.50 hit by Brent futures in 2008.

The surge in benchmark prices has increased costs for Asian refiners, leading them to seek alternatives or reduce output. Separately, Indian Oil Corp (IOC), the country’s biggest refiner, was also seeking to buy crude, mainly from West Africa, for loading in the second half of April, as per the report.

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