Indian Oil Boosts Spot Crude Purchases Amid Middle East Supply Disruptions
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Insights by Echo AI
Indian Oil Corporation (IOC) significantly increased its spot crude oil purchases in the April-June quarter due to supply disruptions in the Middle East, primarily caused by the US-Iran conflict. This marked a departure from IOC's traditional procurement strategies. Despite higher crude costs, IOC reported its highest-ever first-quarter crude throughput, with fuel sales and market share also increasing.
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