Indian Oil Corporation cancels Iraq oil lifting amid Strait of Hormuz attacks
Indian Oil Corporation (IOC) has cancelled the lifting of 2 million barrels of Iraqi oil from the Basrah Oil Terminal due to increased risks and attacks on vessels transiting the Strait of Hormuz, according to three sources. The state-run refiner was preparing to load the crude onto the very large crude carrier Lila Jamnagar around July 23, 2026. Another state refiner, Mangalore Refinery and Petrochemicals Ltd. (MRPL), also cancelled plans to lift oil from Iraq using the tanker Desh Gaurav. India has advised shipowners and seafarers not to travel through the Strait of Hormuz following the resumption of fighting in the region after a fragile truce between Washington and Tehran collapsed in early July. The Strait of Hormuz, a critical chokepoint for about a fifth of global energy supplies, has seen renewed disruptions.
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