India’s state-run refiners have already secured enough crude for the next two months and are in no rush to resume purchases from the Middle East even if the Strait of Hormuz reopens to commercial traffic.
Local processors have been asked by Middle Eastern suppliers, including Abu Dhabi National Oil Co., to begin taking contractual volumes under long-term supply agreements, according to people familiar with the matter, who didn’t wish to be identified as the information isn’t public. The refiners, however, have yet to commit, they said.
