Categories: BUSINESS

Iran war impact: Indian Oil plans to reduce Middle East crude purchases under annual deals in FY28

Indian Oil Corporation is expected to cut back on crude oil purchases from Middle Eastern suppliers. This decision comes as the Iran war disrupts shipments and increases transportation costs significantly. Refiners in India have traditionally relied on Middle Eastern oil but are now exploring alternative suppliers. The supply uncertainty has led to increased prices for shipping and heightened competition among producers.
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Sumitra
43 minutes ago

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