Petrobras Renews Crude Supply Deals With India, Expands Market Presence

SEATTLE (Oil Monster): Petróleo Brasileiro SA (Petrobras) said Wednesday it has renewed crude oil supply contracts with three of India’s leading state-owned refiners—Indian Oil Corp Ltd (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL)—boosting its footprint in one of the world’s largest energy markets.

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The contracts, valid through March 2027, represent potential sales of up to 60 million barrels, with a total value that could exceed $3.1 billion. Under the renewed agreement with IOC, India’s largest refiner, Petrobras will supply up to 24 million barrels over a 12-month term, renewable for another year. Contracts with BPCL and HPCL were expanded, raising maximum volumes from six million to 18 million barrels each.

Petrobras said India, which imports about five million barrels of crude per day, is a strategic market for its export growth. The deals were signed during India Energy Week in Goa, highlighting deepening energy ties between Brazil and India.

Separately, Petrobras reported its proven reserves increased to 12.1 billion barrels of oil equivalent at the end of 2025, after adding 1.7 billion barrels during the year. Production rose 11% year-on-year to 2.99 million boe per day, supported by strong offshore output and new project startups, underscoring the resilience of its upstream portfolio.