Brief by Shorts91 Newsdesk / 01:18pm on 02 Aug 2026,Sunday India
Indian Oil Corporation (IOC) is overhauling its crude procurement strategy amid supply disruptions in the Middle East caused by the US-Iran war and shipping challenges through the Strait of Hormuz and the Red Sea. IOC has significantly increased its reliance on spot purchases, with their share rising from 50% to nearly 84%, according to Director (Finance) Anuj Jain. He said the company is closely monitoring developments daily to optimise crude sourcing in an increasingly volatile market. IOC continues to depend heavily on spot purchases of Russian crude while also boosting imports from West African and Latin American producers to diversify supplies and strengthen energy security amid geopolitical uncertainty. (PC: Times Now)
