Indian refiners favor delivered crude in procurement shift as shipping costs mount

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Indian state-run refiners are increasingly buying crude on a delivered (CIF) basis rather than FOB terms. The shift helps them manage volatile freight and insurance costs amid geopolitical tensions affecting oil procurement.

Indian state-run refiners are increasingly seeking crude on a delivered, or CIF, basis rather than on FOB terms, as geopolitical tensions drive sharp swings in freight and insurance costs, petroleum ministry officials and refiners said Oct. 26. Under CIF arrangements, sellers cover the cost and risk of transporting crude to the buyer’s destination. This allows ...