Indian Oil ramps up spot crude purchases as Middle East disruptions hit supplies

Indian Oil Corporation increased spot crude purchases from 50% to nearly 84% after Middle East supply disruptions.

IOC diversified imports from West Africa and Latin America to offset Middle East disruptions.

IOC reported a standalone net loss of Rs 2,661 crore for April-June, versus a net profit of Rs 5,689 crore a year earlier.

IOC posted highest-ever first-quarter crude throughput of 19.165 MMT, up 3% year-on-year.

IOC aims to process 1.7 million barrels per day at directly owned refineries in 2027-28.