Indian Oil plans to cut West Asia crude imports
In short
Indian Oil plans to buy less crude oil from West Asia next fiscal year. Earlier, it had planned about 47% of its crude imports from that region under annual free-on-board deals.
The company is reacting to the Iran war, shipping risks and higher freight costs. It is not stated how much the imports will fall or how much extra it may buy on the spot market.
What the reporting says
Indian Oil Corporation plans to reduce crude imports from West Asia in the next fiscal year, after having planned about 47% of its crude imports from the region under annual FOB deals. The reported reason is the Iran war, which has created supply-chain uncertainty, vessel attacks and higher freight costs. The immediate result is a likely shift toward spot purchases, but the final volumes are not stated.
Why it matters
Indian Oil Corporation is reported to be trimming crude purchases from Middle Eastern suppliers in the next fiscal year. The source links the change to war-related shipping disruptions, vessel attacks and higher freight costs, while noting that Indian refiners have traditionally depended on West Asia for more than half of annual supplies. The exact reduction, affected contracts and pricing impact are not stated in the available reporting.