Indian Oil Boosts Spot Purchases Amid Middle East Tensions
The Indian Oil Corporation has reported a sharp increase in its purchases of oil from the spot market to compensate for the supply shortages coming from the Middle East due to the regional war crisis. The volume of purchases has risen from 50% to approximately 84% as part of its efforts to address disruptions from the Strait of Hormuz and the Red Sea following the outbreak of war between the United States and Iran. Additionally, the organization has increased oil acquisitions from West African and Latin American producers to secure its sources. At the same time, the corporation aims to process 1.7 million barrels per day by 2027-2028 and plans to expand the capacities of some refineries soon.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)