India and Ecuador Explore Expanded Trade in Crude and Critical Minerals

India and Ecuador are exploring ways to increase the trade of crude oil, copper, and other critical minerals. Fernando Buchelli, Ecuador's ambassador to India, revealed these discussions in an interview with the Indian news outlet Mint. Ecuador aims to attract Indian investments in its oil and minerals sector while seeking to purchase medical products from HLL Lifecare Limited, a state-owned healthcare manufacturer.

As the world's third-largest crude oil importer, India has been diversifying its energy sources to reduce reliance on China's critical minerals. Earlier this year, Indian Oil Corporation (IOC), the country's largest state-owned refiner, made its first-ever crude oil purchase from Ecuador. This move was part of India's strategy to replace some of its Russian crude supplies, which were impacted by U.S. sanctions on Rosneft and Lukoil.

The Middle East crisis further prompted Indian refiners to seek additional crude supplies from South American countries, including Brazil, Venezuela, and Ecuador. Now, Ecuador is offering Indian companies opportunities to invest in its oil and critical minerals sector, aiming to strengthen supply chains for crude and copper.

Beyond Ecuador, India has been collaborating with Argentina to enhance cooperation in lithium mining. In 2025, both countries signed a memorandum of understanding (MoU) to bolster ties in the critical minerals sector. This partnership is expected to accelerate lithium exploration projects and create new opportunities for Indian companies in Latin America.