Crude oil has been on a high and geo-political uncertainties have increased supply risks. That is why India''s largest refiner Indian Oil Corporation (IOC) wants to spread its risks and move away from traditional sources like Saudi Arabia, Iran and Nigeria. They are looking at CIS countries. Every month they look at one trial crude, particularly Latin American, CIS countries, African countries. Apart from middle east it has been Nigeria that has been the most important source for it, looking at the risks associated with sourcing from 2-3 countries, we have added 5-6 more countries in our basket. For the first time IOC is tapping new countries like Malaysia, Azerbaijan, Angola and Algeria for crude oil.
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