India’s Top State Refiner to Reduce Middle East Term Oil Purchases

India’s Top State Refiner to Reduce Middle East Term Oil Purchases

Indian Oil Corp. will slightly cut Middle East crude under 2027/28 term deals from a planned 47% share as the Iran war disrupts Gulf supply.

Iran war impact: Indian Oil plans to reduce Middle East crude purchases under annual deals in FY28

Indian Oil Corporation is expected to cut back on crude oil purchases from Middle Eastern suppliers. This decision comes as the Iran war disrupts shipments and increases transportation costs significantly. Refiners in India have traditionally relied on Middle Eastern oil but are now exploring alternative suppliers. The supply uncertainty has led to increased prices for shipping and heightened competition among producers.

Iran war forces oil rethink: Indian Oil plans to cut Middle East crude purchases under annual deals

India's largest refiner plans to trim Gulf crude purchases under annual deals in 2027/28 as the Iran war disrupts supplies through the Strait of Hormuz and drives up freight costs.

Indian Oil to trim West Asia oil imports under annual deals amid Iran war

IOC, ‌the country's top refiner, had planned to source about 47% of its crude imports from ‌West Asia producers under annual deals on a free-on-board (FOB) ‌basis ⁠

Indian Oil Plans Slight Cut to Middle East Crude Deals for 2027/28

Its plan for the fiscal year ending March 2027 called for Middle Eastern producers to supply about 47% of its crude imports under annual contracts.

Indian Oil to Cut Middle Eastern Crude Purchases Amid Iran War Disruptions

Indian Oil Corporation (IOC), India’s largest refiner, plans to slightly reduce crude oil purchases from Middle Eastern producers under annual supply agreements for 2027/28, according to Reuters on October 21, 2026. The decision comes amid uncertainty over regional supplies due to the ongoing Iran war. IOC had planned to source around 47% of its crude […]