Indian Oil Corp (IOC), plans to cut its Middle Eastern oil purchases under annual deals in 2027/28 as the Iran war has created uncertainty for supplies from the region, a source familiar with the matter said.
Indian refiners traditionally relied on the Middle East for more than half of their annual crude supplies, particularly heavier, high-sulphur grades, because of the region's proximity.
Oman Observer is now on the WhatsApp channel. Click here
