IOC sourcing 84% crude from spot market amid US-Iran war
Indian Oil Corporation (IOC) is now buying nearly 84% of its crude oil on the spot market, up from 50%, thanks to global supply disruptions after the start of the US-Iran war in late February 2026.
With supplies through major shipping routes like the Strait of Hormuz and Red Sea disrupted, IOC's finance director Anuj Jain says it has started sourcing more oil from West Africa and Latin America.
IOC targets 1.7 million bpd by 2027-28
IOC runs about one-third of India's refining capacity and wants to hit 1.7 million barrels per day by 2027-28.
Even with a ₹2,661 crore loss last quarter (mainly from higher crude prices), IOC hit a record high in crude processing and improved refinery use, plus saw growth in fuel sales and market share.
It's a tough market right now, but IOC is keeping things running strong.