Indian oil companies snap up October November crude amid tensions
Indian oil companies are switching up their usual playbook, snapping up crude supplies early for October and November, instead of waiting until the last minute.
This urgency comes as global tensions mess with supply chains: Ukrainian strikes on Russian energy sites and rising drama in the Strait of Hormuz have made getting oil trickier than usual.
Russian exports lowest since May
Russia, India's top oil source, has seen its exports hit a lowest since May thanks to those Ukrainian attacks.
On top of that, Middle Eastern shipments are shaky due to stalled U.S.-Iran talks and recent Iranian attacks on UAE ships.
To keep things steady, refiners like HPCL and Mangalore Refinery are grabbing Middle Eastern oil that avoids risky routes and even looking at West African options.
Indian refiners prepare extra November tenders
With festival season around the corner and fears of US sanctions on Russian crude buyers, Indian refiners are prepping extra tenders for November.
Basically, they're making sure there's enough fuel to go around when demand spikes.