War disrupts supplies, prompting Indian refiners to purchase crude oil months in advance.

Due to the impact of the attacks on Russian energy facilities in Ukraine and the stalemate in the Strait of Hormuz, Indian state-owned refining companies are unusually purchasing spot crude oil in large quantities ahead of time. Indian Oil Corporation, Hindustan Petroleum Corporation, and other companies have finalized part of their crude oil supply for October and are currently seeking crude oil shipments for November. The United States may impose sanctions on Russian oil and gas purchasers, including India, which has also driven this wave of panic buying. Indian companies plan to issue more tenders in the coming weeks.