Nigeria’s crude oil exports are expected to see a significant increase in September and October, as Indian refiners boost their imports of non-Russian crude, reports suggest. According to a Reuters report quoting trade sources, India’s largest state refiners, Indian Oil Corp (IOC) and Bharat Petroleum (BPCL), have secured at least 22 million barrels of non-Russian crude for delivery in the coming months, following pressure from the U.S. to stop purchases from Russia.
Indian refiners, who had largely stayed away from the spot market since 2022, had become significant buyers of cheaper Russian crude after Russia’s invasion of Ukraine. However, following U.S. pressure, they paused Russian crude purchases in late July.
In its latest tender, IOC purchased 2 million barrels of U.S. Mars crude, 2 million barrels of Brazilian crude, and 1 million barrels of Libyan crude. BPCL, India’s second-largest state refiner, bought 9 million barrels of oil for September delivery, including 2 million barrels of Nigerian crude.
The surge in Indian crude imports is expected to benefit Nigeria’s oil sector, as Indian refiners traditionally process a significant portion of Nigeria’s crude oil exports. The deals are expected to contribute to a notable increase in Nigeria’s oil exports during the second half of 2025.
The rise in Indian demand for non-Russian crude is also attributed to improved arbitrage economics, which makes it more attractive for Asian refiners to import oil from the Atlantic Basin, supporting purchases from countries like Nigeria, Angola, the U.S., and Brazil.
