Indian Oil reportedly plans to trim Middle Eastern crude purchases under annual deals in fiscal 2027–28

Reuters, carried by The Economic Times, reports that Indian Oil plans to slightly reduce crude purchases from Gulf producers under annual contracts in fiscal 2027–28, citing a person familiar with the matter. The report says attacks on vessels in the Strait of Hormuz have constrained shipping and driven freight rates near record highs. Bloomberg also reports the planned cut, citing a person familiar with the matter.