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Market Chatter: India's State Oil Firms Buy Additional Oil from Spot Market Amid Potential Middle East Supply Delays

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Indian Oil (NSE:IOC, BOM:530965), Bharat Petroleum (NSE:BPCL, BOM:500547) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) have made crude oil purchases from the spot market, Bloomberg reported Friday, citing people familiar with the matter.

The move comes as a buffer for potential delays in shipments from Saudi Arabia and Iraq, according to the report.

The Indian state-owned oil companies have been asked to tap into their stored supplies if needed to ensure undisrupted refinery operations in August and avoid fuel, especially cooking gas, shortages, the people reportedly told Bloomberg, asking to remain unnamed.

Oil Minister Hardeep Singh Puri, on Thursday, had discussions on backup strategies with state-run refiners, Bloomberg said.

Indian Oil, Bharat Petroleum and Hindustan Petroleum did not immediately respond to' requests for a comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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