Crude comeback: IOCL, HPCL buy 7 million barrels of energy supplies

Indian refiners Indian Oil Corp and Hindustan Petroleum Corp have secured millions of crude barrels from Angola, Nigeria, and Brazil to bolster national reserves. This strategic procurement follows a significant drawdown in stockpiles due to Strait of Hormuz disruptions. Inventories have since rebounded, nearing a year-high, signaling a stabilization of India’s energy security amidst global market fluctuations and OPEC+ output adjustments.