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According to Sinochem New Network, recently, in an effort to reduce its reliance on Russian crude oil, Indian Oil Corporation announced that it had purchased crude oil from Colombia for the first time, under a selective supply agreement it has with Colombian oil companies. Sources say the 2 million barrels of Colombian Castilla crude oil purchased this time are expected to be delivered in late February. Under the agreement signed at the end of 2021 and renewed annually, Indian Oil Corporation can optionally purchase a total of approximately 12 million barrels of Colombian crude oil. However, the company has long relied primarily on crude oil supplies from Russia and the Middle East; although it has similar procurement agreements with countries such as Mexico and Brazil, it rarely purchases crude oil from South America in practice. This is mainly because South American crude oil is usually at a disadvantage in price competition with oils from Russia and the Middle East; transactions only take place when an agreement is reached on terms such as price. Shipping tracking data shows that due to supply disruptions caused by tighter sanctions imposed by Europe and the United States on Russia, India’s crude oil imports from Russia in December last year are expected to drop sharply to 1.2 million barrels per day, the lowest level in three years. This purchase is seen as one of the key steps taken by Indian refiners in their efforts to seek alternative sources of crude oil on a global scale and to diversify their supply sources.