IOC shifts to nearly 84% spot crude amid U.S.-Iran conflict
Business
With the U.S.-Iran conflict disrupting major supply routes since February 2026, Indian Oil Corporation (IOC) has switched gears and now gets nearly 84% of its crude oil from the spot market, up from just 50%.
Anuj Jain, IOC's finance director, shared that they're adjusting their sourcing every day to keep things running smoothly.
IOC diversifies as HPCL prioritizes LPG
To keep the oil flowing despite the chaos, IOC is buying more from Russia and adding suppliers from West Africa and Latin America.
The team is constantly reviewing its options to stay ahead.
Meanwhile, HPCL is focusing on making sure domestic LPG needs are met first before industrial demand.