Indian Oil Buys Record Spot Market Crude on Mideast Supply Hit


Indian Oil imported about 1.4 million barrels of crude a day in the quarter, accounting for roughly 27% of the country’s overseas oil purchases, according to Kpler data. Despite the abrupt change in its supply mix, the company expects to return to its traditional procurement once shipping through regional choke-points normalizes. That’s because Middle Eastern producers remain the closest and most reliable long-term suppliers, Chairman Arvinder Singh Sahney said during a media briefing late Friday.



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