Signal · Commodities & Input Costs
India’s Top State Refiner to Reduce Middle East Term Oil Purchases
What the source reported
Source-reportedIndia’s largest state-owned refiner, Indian Oil Corporation (IOC), will reduce slightly the volumes of Middle East crude oil it will buy under annual term deals in the 2027/2028 fiscal year starting next March, amid uncertainty of supply from the region, an anonymous source with knowledge of the plans told Reuters on Wednesday. IOC initially planned to procure 47% of its crude oil from the Middle East for the coming fiscal year, but it would now “slightly” reduce this share, according to Reuters’ source. Refiners in India…
- Publication
- Oilprice.com · Trade Publication
- Published
- 21st October 2026
- Original report
- oilprice.com
ProcIntel stores what the source published in its feed — a headline, a summary and a link. It does not store or reproduce the full article.
What ProcIntel recorded
ProcIntel-derived- Category
- Commodities & Input Costs
- Geography
- Global
- Organisations
- None identified
- Collected
- 21st October 2026 · 16:23
Initial assessment ProcIntel's automatic, provisional read of this individual Signal -- Initial Significance and Initial Confidence, computed deterministically before any Event extraction or human review.
A provisional, automatically computed reading of this individual Signal, before Event extraction or human review. Not a final rating.
Initial Significance Moderate (31.0/100). Strongest contributor: Procurement Impact (12.0/30 points). Limiting factor: Likely Event Severity (3.0/30 points). Initial Confidence Low (26.5/100, data sufficiency: Partial). Strongest contributor: Source Authority (20.0/40 points). Limiting factor: Corroboration (2.5/25 points).
- Strongest contributor
- Procurement Impact
- Limiting factor
- Likely Event Severity