India plans to cut reliance on Middle East oil, tap spot market after war shock
Published on: June 30, 2026, 4:14 p.m. | Source: The Economic Times
India's state refiners are pivoting away from Middle Eastern oil contracts following the Iran war's supply disruptions. They plan to boost spot market purchases and forge deals with trading houses for diversified sourcing. This strategic shift aims to secure energy supplies and mitigate losses, with new avenues opening from Guyana, Brazil, and the US. The nation is also building strategic reserves to enhance energy security.
