Indian Oil Corp (IOC), India's largest refiner, has revealed plans to buy more Brazilian crude oil from April 2026. The company will purchase at least 24 million barrels of Brazilian crude from April 2026 to March 2027, up from 18 million barrels last year, an IOC executive said on January 27. This shift comes after IOC reduced its imports of Russian crude. The executive, speaking on the sidelines of the Indian Energy Week conference and requesting anonymity as per company rules, also shared that IOC recently bought its first crude cargoes from Colombia and Ecuador. IOC plans to buy 50% of its crude through term contracts in the upcoming fiscal year. After Russia's invasion of Ukraine in February 2022, India became the largest buyer of discounted Russian seaborne crude. However, Western sanctions made Indian refiners look for other sources, especially from the Middle East and Latin America. Indian refiners are now also considering imports of Venezuelan crude offered by traders Vitol and Trafigura under U.S. mandated sales. But the IOC official said that Venezuelan crude is being offered at discounts of $4 to $5 per barrel against Dubai quotes, which is not low enough. They want discounts closer to $7 or $8 per barrel, similar to Russian oil prices. This strategy shows India's ongoing adjustments in crude sourcing amid global market shifts. The update was published on January 27, 2026, at 11:35 am IST.