Indian Oil Bought 84% of Crude on Spot Market as US-Iran Conflict Hit Mideast Supply
Updated
Updated · Bloomberg · Aug 1
Indian Oil Bought 84% of Crude on Spot Market as US-Iran Conflict Hit Mideast Supply
3 articles · Updated · Bloomberg · Aug 1
Summary
Indian Oil sourced a record 84% of its crude from the spot market in the April-June quarter, a sharp break from its usual procurement pattern.
US-Iran conflict disrupted Middle East oil flows, forcing the New Delhi-based refiner to replace long-term supply arrangements with more opportunistic purchases.
Russian crude made up as much as 54% of Indian Oil's imports during the quarter, showing how the supply shock also deepened its reliance on discounted barrels.
The shift highlights how geopolitical turmoil is reshaping buying strategies even for one of the region's biggest crude importers.