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India’s Top State Refiner to Reduce Middle East Term Oil Purchases
India’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply…
AI Summary
India’s largest state‑owned refiner, Indian Oil Corporation (IOC), plans to slightly cut the volumes of Middle East crude it will purchase under annual term deals for the 2027/2028 fiscal year, beginning next March. The adjustment follows uncertainty about supply from the region, according to an anonymous source familiar with the plans.
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