Indian Oil to Cut Middle East Imports
Indian Oil Corporation plans to reduce its Middle Eastern crude oil imports under annual supply deals for the upcoming fiscal year. The ongoing regional conflict has created supply uncertainties and driven up shipping costs.
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Indian Oil Corp Ltd will trim Middle Eastern crude purchases under annual deals for 2027/28, cutting supply reliance as conflict persists in Iran. The state refiner previously planned to source 47% of imports from Gulf producers for the financial year ending March 2027. Refiners in India historically sourced over half their crude from the Middle East for proximity and heavier grades.
