July 25, 2026: State-owned refiners in India are racing to secure alternative crude supplies as they fear that cargoes booked from Saudi Arabia and Iraq may not arrive in time.

Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. have bought additional oil from the spot market to prepare for potential disruptions, according to people familiar with the matter, asking not to be named because the discussions are private.

Possible alternatives to Middle East supplies include Russian and Atlantic basin cargoes, although it’s unclear if India has already secured some of these. The refiners also have enough crude stockpiles to last for a month, with official strategic reserves offering an additional cushion.

The government has advised the companies to draw down inventories, if necessary, to maintain refinery runs through August and avoid fuel shortages, particularly cooking gas, the people said. Oil Minister Hardeep Singh Puri met executives from the state-run refiners on Thursday to discuss contingency plans. 

(Source: Bloomberg)