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Market Chatter: Indian Oil, Mangalore Refinery Cancel Plans to Lift Iraqi Oil Amid Rising Tensions in Middle East

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Indian Oil (NSE:IOC, BOM:530965) is said to have dropped its plan to take Iraqi oil from Basrah ​Oil Terminal amid the heightened tensions in the Middle East, leading to higher risks of attack on vessels transiting through the Strait of Hormuz, according to a Reuters report on Tuesday, citing sources.

As per the report, the state-owned refiner was planning to lift ​2 million barrels of Iraqi oil in ​the very large crude carrier Lila Jamnagar around July ⁠23.

The sources cited in the report also said that Mangalore Refinery and Petrochemicals (NSE:MRPL, BOM:500109), another public sector refiner, has ​cancelled plans to lift oil from Iraq in the ​Indian Aframax tanker Desh Gaurav.

Both companies did not immediately respond to' request 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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