How much has Indian Oil Corp increased its spot oil purchases, and why?

Indian Oil Corp (IOC) has sharply raised its spot oil purchases, with spot volume jumping from 50% to almost 84% of its crude intake, according to Anuj Jain, IOC's head of finance. This surge is a direct response to supply disruptions from the Middle East—specifically the Strait of Hormuz and Red Sea—following the U.S.-Iran war that began in late February, which forced IOC to rapidly reconfigure its crude sourcing strategy on a day-to-day basis.

Which regions is Indian Oil Corp now sourcing oil from to replace Middle Eastern supplies?

To compensate for the loss of Middle Eastern supplies, Indian Oil Corp has increased spot purchases of Russian oil and also stepped up imports from West African and Latin American producers, as stated by Anuj Jain during the analyst meeting following the June quarter earnings.

Indian Oil Corp Boosts Spot Oil Buys Amid Middle East Crisis

Aug 1, 2026

Indian Oil Corp raised spot oil purchases to nearly 84% to offset Middle East supply disruptions, diversifying sources to West Africa and Latin America while maintaining Russian crude reliance. The refiner manages dynamic global sourcing conditions amid ongoing geopolitical tensions.

reuters

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