Commodities
IOC Boosts Spot Crude Purchases Amid Middle East Tensions
Indian Oil Corporation (IOC) has significantly increased its spot crude purchases to ensure uninterrupted refinery operations amid supply disruptions caused by Middle East tensions.
The state-owned refiner's dependence on spot crude purchases has risen from around 50% to nearly 84%, enabling it to secure prompt deliveries and maintain adequate inventories despite regional instability.
According to IOC Director (Finance) Anuj Jain, the company's procurement strategy is flexible and designed to minimize the impact of supply interruptions while ensuring uninterrupted fuel production for the domestic market.