What percentage of Indian Oil's crude purchases came from the spot market in the April–June quarter, and why did this shift occur?

Indian Oil Corp. sourced as much as 84% of its crude through spot purchases in the April–June quarter, a record level for the company. This dramatic shift occurred because the US-Iran conflict disrupted supplies from the Middle East, forcing the refiner to abandon its usual long-term procurement strategy with Gulf producers and turn instead to the spot market to secure supply.

How much of Indian Oil's crude imports came from Russia during the same quarter, and how does this compare to its typical sourcing pattern?

During the April–June quarter, Russian crude accounted for as high as 54% of Indian Oil’s imports — a significant increase driven by spot market purchases amid Middle Eastern supply disruptions. This contrasts sharply with the company’s usual practice of securing about half its crude requirements under long-term contracts, primarily with Gulf producers.

Indian Oil Buys Record Spot Market Crude on Mideast Supply Hit

Aug 1, 2026

Indian Oil Corp sourced 84% of its crude via the spot market in Q2 amid Middle East disruptions, raising Russian reliance to 54%. The refiner plans to expand capacity and invest in petrochemicals while expecting a return to traditional procurement.

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