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Market Chatter: Indian Refiners Step Up Early Crude Buying Amid Supply Risks

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Indian state-owned oil refiners are buying spot crude unusually far in advance as concerns mount over global supply disruptions, Bloomberg reported on Friday.

State-owned entities Indian Oil and Hindustan Petroleum have reportedly secured supplies through October and are seeking cargoes for delivery as far ahead as November, according to people familiar with the purchases.

The buying is driven by Ukrainian attacks on Russian energy assets, uncertainty over the Strait of Hormuz and the risk of US sanctions on Russian oil buyers. Indian refiners are expected to issue more tenders in the coming weeks to hedge against disruptions.

Indian Oil and Hindustan Petroleum did not immediately respond to requests for comment from.

(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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