From TokenPost · · 50s
Indian Oil Plans Slight Cut to Middle East Crude Deals
Indian Oil to reduce Middle East crude purchases by 5% for 2027/28 amid Strait of Hormuz disruptions.
In brief
Indian Oil to reduce Middle East crude purchases by 5% for 2027/28 amid Strait of Hormuz disruptions. Indian Oil Corporation Ltd. plans a small cut to Middle Eastern crude bought through annual contracts for fiscal 2027/28 due to shipping disruptions in the Strait of Hormuz. Originally reported by TokenPost.
Indian Oil's Fiscal 2027/28 Plan
Indian Oil Corporation Ltd. expects to make a small cut to Middle Eastern crude bought through annual contracts in fiscal 2027/28.
Strait of Hormuz Disruptions
Attacks on vessels in the Strait of Hormuz have constrained shipping availability, keeping freight rates near record highs.
Refiner Adjustments
Some refiners shifted to spot purchases while producers offer delivered cargoes to cover higher freight costs.
The takeaway
Indian Oil Corporation Ltd. plans a small cut to Middle Eastern crude bought through annual contracts for fiscal 2027/28 due to shipping disruptions in the Strait of Hormuz.
