India State Refiners Delay Middle East Oil Buying for 2 Months as Hormuz Reopens
Updated
Updated · Bloomberg · Jun 19
India State Refiners Delay Middle East Oil Buying for 2 Months as Hormuz Reopens
3 articles · Updated · Bloomberg · Jun 19
Summary
India’s state-run refiners have not rushed back to Middle East crude purchases even as the Strait of Hormuz reopens to commercial traffic.
Two months of already-secured crude supplies have reduced the urgency to resume buying, leaving processors comfortable delaying fresh orders.
Middle Eastern suppliers including Abu Dhabi National Oil Co. have asked the refiners to start lifting contractual volumes under long-term deals, but the buyers have yet to commit.
That hesitation points to a slow normalization in India’s Middle East oil flows rather than an immediate rebound after the shipping route reopened.