Indian Oil Corp has cancelled a scheduled crude oil lift from Iraq’s Basrah Oil Terminal, citing heightened security risks and ongoing attacks in the region.
The move affects a planned shipment of 2 million barrels aboard the very large crude carrier Lila Jamnagar, which was set to depart around July 23.
The cancellation underscores the growing operational friction facing major importers as geopolitical instability disrupts routine energy logistics.
The decision comes shortly after Iraq temporarily halted loading operations at the same terminal following a drone strike on an oil tanker.
While the attack did not cause significant damage, it triggered immediate safety protocols that rippled through the supply chain.
For traders, the IOC cancellation signals that risk premiums are no longer just theoretical; they are actively altering physical flow schedules.