Indian Oil Corp boost spot oil buy amid Middle East crisis

VoM News Desk | August 1, 2026 | 04:35 PM IST | Breaking News, Business, Stock Market | Follow on Google News

Indian Oil Corp boost spot oil buy amid Middle East crisis

NEW DELHI, Aug 1 (Reuters) – Indian Oil Corp  the country’s top refiner, has sharply raised oil purchases from ​the spot markets to make up for ‌the loss of Middle Eastern supplies, its head of finance Anuj Jain said at an analyst meeting on Saturday ​following the June quarter earnings.

• “Our spot volume ​jumped from 50% to almost 84%, and the ⁠situation is very very dynamic…we keep track ​of the development on a day-to-day basis and try ​to optimize our crude sourcing,” Jain said.
• Indian refiners have switched to spot purchases due to supply disruption from the Strait ​of Hormuz and Red Sea, after the ​U.S.-Iran war began in late February.

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• The company relies heavily on spot ‌purchase ⁠of Russian oil for processing at its refineries.
• IOC has stepped up purchase of oil from West African and Latin American producers to make up ​for the supply ​disruption from ⁠the Middle East, he said.
• IOC, along with its subsidiary Chennai Petroleum Corp ​controls about a third of India’s 5.2 ​million ⁠barrels per day refining capacity.
• IOC aims to process 1.7 million bpd oil at its directly owned refineries ⁠in ​2027/28 as it hopes to ​expand capacity of some of the units by end of this ​year, Jain said.

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