New Delhi, August 2: Indian Oil Corporation (IOC) has increased its purchases of crude oil from the spot market as tensions in the Middle East continue to raise concerns over global energy supplies.
The move is aimed at ensuring a steady supply of crude oil and reducing the risk of disruptions caused by the ongoing regional crisis. Industry experts say buying additional cargoes from the spot market helps refiners maintain adequate inventories during uncertain times.
India, one of the world’s largest crude oil importers, closely monitors developments in the Middle East, as any disruption in the region can affect oil prices and supply chains.
The increased purchases reflect IOC’s efforts to strengthen energy security and ensure uninterrupted fuel availability for the country.