Indian Oil Corporation Sees New Arrivals
Two oil tankers carrying roughly 3 million barrels of West Asian oil have successfully arrived in India after transiting the Strait of Hormuz. This development comes at a time when India is negotiating with Iran for the safe passage of vessels headed to its shores.
One of the tankers, the Liberia-flagged Shenlong, is carrying around 1 million barrels of crude oil from Saudi Arabia, while the other is an India-flagged VLCC with approximately 2 million barrels of crude sourced from Iraq. The arrival of these tankers has raised hopes for more energy supplies to India, which heavily relies on imports.
India’s energy landscape is significantly influenced by imports, with around 60% of its liquefied petroleum gas (LPG) requirement met through foreign sources. Notably, 90% of these imports transit through the Strait of Hormuz, making the stability of this shipping lane critical for India’s energy security.
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 2.01% decrease from the previous close of ₹160.63. The last traded price was ₹157.20, indicating a day’s loss of 1.43%. IOC currently holds a market capitalization of ₹2,26,928 crores.
Recent discussions between India’s External Affairs Minister and Iran’s Foreign Minister have focused on shipping safety and energy security. Randhir Jaiswal noted, “The External Affairs Minister and the Foreign Minister of Iran have had three conversations in recent days.”
The objective of these diplomatic engagements is to ensure that the sea route remains open for Indian vessels, allowing for uninterrupted shipments of crude oil and LPG. However, disruptions linked to ongoing conflicts involving the US, Israel, and Iran have triggered a shortage of commercial LPG in India.
Prime Minister Modi has emphasized that the challenges faced are not unique to India but are part of broader global developments. He assured that the government is prepared to handle any disruptions effectively.
Details remain unconfirmed regarding the exact permission status from Iran for the two oil tankers to cross the Strait of Hormuz. Additionally, the long-term implications of the current disruptions in LPG supply remain uncertain.
