Sources said state-owned Indian refiners, responding to supply shocks after the Iran conflict, plan to cut volumes purchased under long-term contracts from Middle East producers and shift toward more spot-market buying. They are exploring supply arrangements with traders that source crude from multiple regions to preserve deliveries in the event of another major disruption.

2026-06-30

Sources said state-owned Indian refiners, responding to supply shocks after the Iran conflict, plan to cut volumes purchased under long-term contracts from Middle East producers and shift toward more spot-market buying. They are exploring supply arrangements with traders that source crude from multiple regions to preserve deliveries in the event of another major disruption.