Oil
India’s Top State Refiner to Reduce Middle East Term Oil Purchases
CEII brief
OilPrice.com reported on 21 Oct 2026: India’s Top State Refiner to Reduce Middle East Term Oil Purchases.
Read the full story on OilPrice.comIndia’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply from the region, an anonymous source…
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
13.1% of India’s merchandise exports were fuels in 2025Countries in this story
Original reporting © OilPrice.com. Headline and excerpt quoted with attribution; the full article is available on the publisher’s site. CEII’s context is the Centre’s own and does not represent the publisher.
