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Indian Oil raises spot crude buys to 84% amid Middle East supply disruptions

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Indian Oil Corporation has sharply increased its spot crude oil purchases to nearly 84% following disruptions to Middle East supply routes. To reduce dependence on affected sources, the company diversified its imports by sourcing crude from West Africa and Latin America. Despite facing elevated crude costs due to the supply challenges, Indian Oil recorded its highest-ever first-quarter crude throughput. The state-owned refiner also reported notable growth in fuel sales and expanded its market share during the period.

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