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Market Chatter: Indian Refiners Seek Crude Supplies Earlier Amid Supply Risks

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Indian state-owned refiners are seeking spot crude supplies further ahead than usual as attacks on Russian energy assets and uncertainty around the Strait of Hormuz raise concerns over supply, Bloomberg News reported Friday, citing people familiar with the matter.

Indian Oil (NSE:IOC, BOM:530965) and Hindustan Petroleum (NSE:HINDPETRO, BOM:500104) have secured supplies through October and are seeking cargoes for November, the report said.

Hindustan Petroleum has acquired about 4 million barrels of Middle Eastern crude for October delivery, while Mangalore Refinery & Petrochemicals (NSE:MRPL, BOM:500109) has also booked West African crude for October arrival, according to the report.

Indian Oil, Bharat Petroleum, Hindustan Petroleum and Mangalore Refinery did not immediately respond to' requests for 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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