Indian State Refiners Seek 6 Million Barrels of Spot Crude to Bypass Hormuz Disruption

According to a Reuters report carried by Oilprice.com on Wednesday, August 12, 2026 (21 Mordad 1405), two Indian state refiners, Mangalore Refinery and Petrochemicals Limited (MRPL) and Hindustan Petroleum Corporation Limited (HPCL), are together seeking to buy 6 million barrels of crude oil via spot tenders, as their term deliveries have been constrained by the ongoing Strait of Hormuz crisis. HPCL is seeking up to 4 million barrels for September and October delivery, while MRPL wants spot crude for the October 10 to 20 window and has asked suppliers to avoid cargoes that need to transit the Strait of Hormuz or the Red Sea. MRPL became the first Indian refiner to set that condition for suppliers at the end of July. In recent weeks, India's state refiners have also increased purchases from West Africa; last week MRPL bought about 1 million barrels of Omani crude from Mitsui at a premium of about $3 a barrel to Dated Brent, and state run Indian Oil Corporation (IOC) bought 4 million barrels of West African crude, including Nemba, Saxi Batuque and Djeno grades, from Chevron.