India's largest state-owned refiner, IOC, is set to trim its Middle East crude term volumes for the upcoming fiscal year, citing supply uncertainty as a key factor in the procurement shift.
India's top state refiner plans to slightly reduce Middle East crude volumes for FY2027/28, a minor operational adjustment with no material financial impact.
A major Indian refiner reducing Middle East term purchases signals slightly softer demand for seaborne crude, though the reduction is marginal.
Indian Oil Corporation (IOC) plans to marginally reduce its annual term crude oil purchases from the Middle East for the 2027/2028 fiscal year. The decision follows concerns regarding regional supply stability, though the adjustment remains minor as the refiner seeks to diversify its procurement strategy.
The reduction is primarily driven by concerns regarding the stability of crude oil supply from the Middle East region.