Petrobras Expands Oil-Supply Deals With India’s State Refiners to 2027

The enlarged agreements target deeper access to a major crude import market, with potential deliveries of 60 million barrels valued at more than $3 billion.

Overview

Petrobras renewed and expanded commercial contracts with IOC, BPCL and HPCL that run through March 2027.
Under the new IOC deal, Petrobras can supply up to 24 million barrels over an initial 12-month term with an option to extend for another year.
The BPCL and HPCL contracts raise prior volume caps from 6 million to 18 million barrels each over the period.
Combined, the instruments represent a potential 60 million barrels in sales with an aggregate value that could exceed $3.0–$3.1 billion.
The agreements were signed during India Energy Week in Goa, and Petrobras says they support export portfolio diversification in a market importing about 5 million barrels per day.