Trade sources disclosed on Friday that Indian Oil Corporation (IOC), the country’s largest refiner by capacity, bought 2 million barrels of Golden Arrowhead (GAH) crude from U.S. oil major ExxonMobil, its first-ever purchase of the new grade. The cargo is scheduled for delivery between late December 2025 and early January 2026.
Similarly, Hindustan Petroleum Corporation Ltd (HPCL) has purchased 2 million barrels of Liza and Unity Gold crude, also to be delivered around the same period, the sources said. Both refiners are state-run and key players in India’s crude procurement mix.
The move underscores India’s ongoing effort to broaden its crude sourcing base, especially from emerging South American producers such as Guyana, where oil output has been expanding rapidly. The diversification comes as part of a strategy to secure stable energy supplies while reducing reliance on Russian crude, which has faced growing scrutiny amid Western sanctions and U.S. diplomatic pressure.
“India is experimenting with new grades from South America, where production is on the rise. It’s part of a long-term effort to expand supply options and manage geopolitical risk,” one industry source familiar with the deals noted.
Guyana has seen a surge in oil exports driven by a production boom from the ExxonMobil-led consortium, which includes Hess Corporation and China’s CNOOC. The group recently ramped up total output to 770,000 barrels per day (bpd) following the launch of its fourth floating production facility.
According to data from energy analytics firm Kpler, Guyana’s crude exports hit a record 938,000 bpd in October 2025, buoyed by the introduction of the Golden Arrowhead grade, first exported in July.
Analysts say the new supply link between Guyana and India could mark the start of a broader trade relationship as both nations seek to deepen cooperation in the global energy market.