Indian Oil Corporation Receives New Shipments
Two oil tankers carrying roughly 3 million barrels of West Asian oil have arrived in India after successfully transiting the Strait of Hormuz. This development comes as India seeks to bolster its energy supplies amid ongoing disruptions in the region.
One of the tankers, the Liberia-flagged Shenlong, is transporting around 1 million barrels of crude oil from Saudi Arabia. The other is an India-flagged Very Large Crude Carrier (VLCC) carrying approximately 2 million barrels of crude from Iraq.
The arrival of these tankers has raised hopes for increased energy supplies to India, which relies on imports for around 60% of its liquefied petroleum gas (LPG) requirements, with 90% of these imports passing through the Strait of Hormuz.
In light of recent disruptions linked to geopolitical tensions, including conflicts involving the US, Israel, and Iran, the Indian government is actively negotiating with Iran to ensure the safe passage of vessels headed to India. Randhir Jaiswal, the External Affairs Minister of India, noted, “The External Affairs Minister and the Foreign Minister of Iran have had three conversations in recent days.”
Officials aim to keep the sea route open for Indian vessels to ensure that shipments of crude oil and LPG continue without major disruption. However, disruptions in LPG supply have already begun to affect the hospitality sector in India.
On March 12, 2026, the Indian Oil Corporation (IOC) recorded a total traded volume of 56,34,938 shares, with its stock opening at ₹157.40, reflecting a decline of 2.01% from the previous close of ₹160.63. The last traded price was ₹157.20, marking a day’s loss of 1.43%. IOC currently holds a market capitalization of ₹2,26,928 crores.
Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz. Observers are also concerned about the long-term implications of the current disruptions in LPG supply.
As India navigates these challenges, Prime Minister Modi has emphasized that the issues stem from global developments and are not unique to India, assuring that the government is prepared to handle any disruptions effectively.
