India Oil Corporation Shuns US Crude, Buys 2m Barrels from Nigeria

*Country says it will get from places that suit its needs

Emmanuel Addeh in Abuja

Top Indian refiner, the Indian Oil Corporation (IOC) skipped the purchase of US crude oil in its latest tender and instead bought two million barrels from Nigeria and one million barrels of Middle Eastern grade, trade sources told Reuters.

Specifically, the state refiner bought one million barrels each of Nigerian oil grades Agbami and Usan from French oil major TotalEnergy, and another million barrels of Abu Dhabi’s Das crude from Shell, the report stated.
Nigerian oil has been bought on a free-on-board basis and Das’ has been purchased on a delivered basis for arrival at Indian ports in late October-early November. In its previous tender last week, IOC bought 5 million barrels of US West Texas Intermediate (WTI).

Nigeria’s crude oil output climbed to over 1.7 million barrels per day in July 2025, for the first time in about seven months. This represented a strong rebound from the 1.54 million bpd recorded in September 2024, a 16.6 per cent increase, and marked progress toward the country’s 2025 target of 2.06 million bpd budget benchmark.
The improvement comes on the back of tighter security in the Niger Delta, where oil theft had previously drained as much as 300,000 barrels per day. Fresh operations and surveillance have slashed those losses to fewer than 5,000 bpd, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

At the same time, rig activity has surged, with 46 rigs recently active compared to just eight in 2021. International oil companies are also renewing interest, with International Oil Companies (IOCs) operating in Nigeria planning to expand deepwater production.
Crude exports account for about two-thirds of government revenue and more than 80 per cent of foreign exchange inflows. Rising output offers a chance to ease fiscal pressures, strengthen foreign reserves and further stabilise the naira.

According to Reuters, in recent months, Indian refiners have taken advantage of a favourable arbitrage window and raised their purchase of US oil via tender. Their US oil purchases were also helping cut India’s massive trade surplus with the US, which has doubled the tariff on Indian imports to 50 per cent, citing New Delhi’s purchase of Russian oil.
But the report noted that the landing cost for US crude was high compared to other grades, despite the front-month Brent-WTI differential being about $4 per barrel, reason it may now be turning to Nigeria and the Middle East.
Also, India has said it will continue to buy Russian oil as long as it remains economical to do so, despite the Donald Trump administration’s decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow.

Since Europe and the US shunned Russian oil over Moscow’s 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude, arguing that  its purchases of Russian oil have kept the markets in balance.

Trump, who is seeking to broker an end to the Ukraine conflict, has said India’s oil imports are helping fund Moscow’s war effort and imposed a 50 per cent tariff on imports from India last month.
India’s Finance Minister, Nirmala Sitharaman, speaking on local news channel CNN-News18, said India, the world’s third-biggest oil importer and consumer, had no plans to eschew Russian supplies, despite Donald Trump’s pressure.

“We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it,” she said, adding that India spends most of its foreign exchange on purchases of crude oil and refined fuels.

US Commerce Secretary Howard Lutnick urged India on Friday to back the dollar, resume trade talks with Washington and stop buying Russian oil. “We’re always willing to talk. The Chinese sell to us. The Indians sell to us. They’re not going to be able to sell to each other. We are the consumer of the world,” Lutnick said in an interview.
In the fiscal year to March 2025, oil and refined fuels purchases from overseas accounted for about a quarter of India’s overall imports. “Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything,” Sitharaman added.

Besides, US Treasury Secretary, Scott Bessent, has accused India of profiteering by importing Russian oil at lower prices and then reselling refined fuel at a higher rate.

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    *Vows coalition will unseat president democratically in 2027 

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    *Outrage, condemnations trail police invitation of El-Rufai, others for alleged disturbance of public peace, attack on Malami, Katsina elders

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    Former Sokoto State Governor and serving Senator representing Sokoto South Senatorial District, Aminu Waziri Tambuwal, has accused President Ahmed Tinubu and the All Progressives Congress (APC) of working to destabilise opposition parties in Nigeria, warning that the country was dangerously drifting towards authoritarianism.

    Equally, the invitation of former Governor of Kaduna State, Mallam Nasir El- Rufai and some leaders of the African Democratic Congress (ADC) by the Nigeria Police Force, over an allegation of disturbance of public peace in Kaduna, has elicited outrage and condemnation with many lamenting that it was a precursor to witch hunt and precursor of what to expect from the ruling party prior to 2027 elections. Former Vice President Atiku Abubakar condemned the developments in Kaduna, alleging that same was happening in Katsina, and other parts of the country, which he described as a dangerous assault on civic freedoms under Tinubu’s administration.

    Also reacting to the development, the ADC and the League of Northern Democrats expressed concern over what they termed as the increasing use of law enforcement agencies to harass and intimidate opposition leaders, while criminal violence continues to devastate communities across the country.
    The Kaduna State Police Command had invited El-Rufai and seven ADC leaders for questioning over alleged conspiracy, incitement, and other offences.

    However, speaking yesterday on a national television, Tambuwal said the political environment under Tinubu has taken a worrying turn, with clear signs that the ruling APC was bent on weakening opposition structures.
    “You don’t need to be told, no matter the amount of denial by whoever, including President Bola Tinubu, that they are not involved in destabilisation efforts of opposition parties. It’s not correct. I am saying that they are involved. I am not suspecting; I am saying it.

    “The signs are very clear. They are very ominous. The people in charge of government today in Nigeria are interested in a one-party state. It is clear, and it is not in the interest of democracy or in the interest of Nigeria. That is the path they are pursuing,” for former House of Representatives Speaker alleged.
    Tambuwal, who campaigned vigorously against Tinubu in the 2023 general elections, said he was not surprised by the current situation.

    “I cannot say I am disappointed because I campaigned against him. I told Nigerians to be wary of voting for Bola Tinubu and the APC. I went throughout the nooks and crannies of this country warning Nigerians, and today what we are seeing is what I expected,” he said.

    On the recent police invitation to some opposition leaders after political clashes in Kaduna, Tambuwal defended the constitutional right of Nigerians to assemble freely.
    “Let me start by referring to the constitution of the Federal Republic of Nigeria, particularly Section 39(1) and Section 40. These provisions clearly provide for freedom of expression and freedom of assembly. In the instant case, we were not at a rally. We were there on a commiseration visit to our colleagues in Kaduna who were attacked by thugs. We did exactly that and left. There was no breach of the peace,” he explained.

    While stressing that police invitations should not be ignored, he urged caution.
    “I am a lawyer of 32 years standing, a Life Bencher, a parliamentarian of 12 years, and now a Senator. I am a law-abiding citizen. Whoever is invited by a constitutional authority should appear.

    “I would advise my friends to attend to the invitation of the police. But the police must be circumspect. They should not give the impression that they are suppressing opposition voices,” Tambuwal said.
    Tambuwal also addressed his ongoing investigation by the Economic and Financial Crimes Commission (EFCC) over alleged cash withdrawals of N189 billion.

    “That is not correct. N189 billion in seven years would mean our government withdrew N2.25 billion every month in cash. Where are the resources? How much was Sokoto’s allocation? Up till when I left office, we never owed salaries, pensions, or gratuities. This matter is still under investigation, and I will honour the EFCC invitation. But to me, it is politically induced,” he said.
    Turning to his past political relationships, the Senator rejected claims that he had betrayed former allies such as Nyesom Wike.

    “I have never betrayed anybody. Betrayal is when you have an understanding with someone and you go against that understanding. In 2022, I was also running for President. My friend Wike was in the race too. When I stepped down for Atiku Abubakar, it was not betrayal. It was about principle and about the country. Personally, Wike is my friend. But when it comes to leadership, I will support Atiku over Wike any day,” he insisted.

    Tambuwal also addressed his past alliance with Tinubu that helped him become Speaker of the House of Representatives in 2011.
    “We engaged Bola Tinubu several times. Initially, he directed the ACN caucus to support Mulikat Akande-Adeola. But when they ran the numbers, he saw I was going to win. He then shifted support to me. It was a matter of political calculation. But that does not bind me forever. Today, I will not support Tinubu,” he said.

    The former governor also renewed his call for the creation of state police, saying the current centralised system has failed to guarantee security.

    “It is very frustrating when a governor cannot give instructions to either the Commissioner of Police or the Brigade Commander until he clears from Abuja. That is the reality. During my time in Sokoto, we provided over 600 vehicles to security agencies, monthly allowances, and operational support. Yet, we could not direct them to act against bandits without clearance. That is why state police is necessary,” Tambuwal explained.

    The former governor confirmed his commitment to a broad opposition coalition aimed at unseating Tinubu in 2027.
    “I am fully involved in a lawful and democratic process that will, by the grace of God, send this government out of office. With the help of Nigerians, we will achieve that. Tinubu can be defeated. This idea of his invincibility is rubbish,” he declared.

    Asked whether he would join the APC if invited, Tambuwal was emphatic: “I will not join the APC. I do not believe in the way the country is being run by the APC currently.”

    Meanwhile, the invitation of Mallam Nasir El- Rufai for alleged disturbance of public peace by the Police has elicited outrage and condemnation, with many lamenting that it was a precursor to witch hunt and a precursor of what to expect from the ruling party prior to 2027 elections.

    Atiku, in a statement yesterday, faulted the police invitation to el-Rufai, and leaders of the ADC, in the State.

    He also cited the attack on former Attorney General, Abubakar Malami, and the violent disruption of a meeting of the Katsina Elders Forum on security reforms as evidence of what he called a growing trend towards authoritarianism.

     “These incidents are not isolated. They signify a coordinated assault on dissenting voices, civic freedoms, and the essence of pluralistic democracy,” Atiku said.

     The former Vice President warned that criminalising opposition and undermining peaceful civic engagement could push Nigeria dangerously close to authoritarian rule.

     He urged Nigerians to recognise the urgency of the situation, stressing that the defence of democracy must be a collective responsibility.

     “Nigeria belongs to all of us, not just the ruling party or any single individual. We must not allow the principles of liberty, justice, and the rule of law to be undermined by partisan desperation,” he said.

     Similarly, the ADC condemned as politically motivated, police summons issued to El-Rufai and some members of his party, as well as the shocking attack on Malami’s convoy in Kebbi State, which left many party members injured and terrified.

     The Convener of the League of Northern Democrats, Dr. Umar Ardo said in the past one week, Nigerians have witnessed a disturbing pattern of violence and intimidation orchestrated against opposition figures.

    Also, in a statement signed by Mallam Bolaji Abdullahi, the National Publicity Secretary of the ADC, the party described these developments as an assault not just on individual politicians, but on Nigeria’s democracy itself.

     The coalition warned that the Nigeria Police Force has seemingly become a willing tool of political suppression for the federal government rather than a national security department that is truly focused on rooting out bandits and other criminals across the country.

     According to Abdullahi, ”At a time when terrorists and criminal gangs freely operate in large parts of the North, the Nigerian Police appears more interested in silencing opposition leaders than protecting citizens. After the recent attack in Kaduna, where the former Kaduna State Governor, Mallam Nasir El-Rufai and other ADC leaders were attacked; in Kebbi, the convoy of former Minister for Justice and Attorney General of the Federation, Abubakar Malami (SAN) was violently attacked in broad daylight around the GRA area of Birnin Kebbi—barely meters from a police outpost. Despite the seriousness of the attack, no arrests have been made, and the perpetrators remain at large.

    “This growing trend is disturbing — and all Nigerians should take note. In Kaduna, the police reportedly looked away as thugs—armed with stones and cutlasses—attacked a peaceful ADC gathering. Instead of arresting those responsible, the police are now targeting the victims with summons.”

     The ADC further said that ”To make matters worse, police authorities in Kaduna sealed off the ADC party offices ahead of a planned meeting of zonal leaders—a deliberate attempt to stifle our constitutional right to assemble and organise.”

     Accordingly, the ADC spokesman added, ”We demand that the police authorities unseal the ADC office in Kaduna State, and stop the illegal obstruction of lawful political activity. No democracy can thrive where opposition party structures are routinely shut down under vague pretexts. Our party will stand with our leaders and members. We will not be intimidated, he said.

    The post Tambuwal: Tinubu, APC Destabilising Opposition Parties, Warns Against One-party State appeared first on THISDAYLIVE.

    ​  

    *Vows coalition will unseat president democratically in 2027  *Insists he never betrayed Wike  *Outrage, condemnations trail police invitation of El-Rufai, others for alleged disturbance of public peace, attack on Malami,
    The post Tambuwal: Tinubu, APC Destabilising Opposition Parties, Warns Against One-party State appeared first on THISDAYLIVE.

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