Core Insights - Indian Oil Corporation (IOC) plans to form a joint venture with Vitol to enhance its global crude and fuel trading operations [1][2] - The partnership will be based in Singapore and is expected to last five to seven years, with an exit clause for both parties [2] - The joint venture aims to leverage Vitol's trading expertise to reduce crude procurement costs and increase margins for IOC [3] Company Strategy - IOC, along with its subsidiary Chennai Petroleum, controls approximately 31% of India's refining capacity, which is 5.17 million barrels per day (bpd) [3] - The company traditionally focuses on domestic trading but aims to establish a stronger presence in global trading through this partnership [3][5] - The joint venture will enable IOC to expand its exports of refined fuels and utilize Vitol's distribution channels and market intelligence [5] Market Context - The partnership will benefit Vitol by strengthening its position in India, the world's third-largest oil consumer and importer [4] - India's refining capacity is projected to increase from 5.17 million bpd to 6.2 million bpd by 2030, with long-term goals of reaching 9 million bpd [4] - This growth in refining capacity is expected to position India as one of the top three global refining hubs, especially as 20% of existing global refining capacity is anticipated to close by 2035 [4]

In the sea of red, energy is the only sector uh on top today with oil prices moving sharply higher on the heels of of Israel's air strikes against Iran. Crude's still up about 7%. Pipa Stevens has a closer look at Iran's energy complex and why the state of Hormuz Pipa is going to be key here.So Kelly, oil's next move really depends here on how Iran responds to the attacks. Now the country itself is not a major supplier. They export about 1.7% million barrels per day with more than 90% of those exports comin ...