Indian Oil Corp Buys 5 Million Barrels of Crude in West Africa, Middle East Tender
Updated
Updated · Reuters · May 29
Indian Oil Corp Buys 5 Million Barrels of Crude in West Africa, Middle East Tender
6 articles · Updated · Reuters · May 29
Indian Oil Corp bought 5 million barrels of crude this week through a tender, with cargoes sourced from West Africa and the Middle East, trade sources said.
Angola's Kissanje and Nemba grades were booked for IOC's Paradip refinery, while Nigeria's Usan from ExxonMobil and Abu Dhabi's Murban from Mercuria were slated for Vadinar.
Murban cargoes from Totsa, TotalEnergies' trading arm, were also purchased for delivery to Chennai, extending IOC's buying across three refinery destinations.
West African barrels cleared at premiums of about $4 a barrel to dated Brent, while Murban traded at flat to a slight premium, indicating firmer pricing for Atlantic Basin supplies.
As India shuns the Strait of Hormuz, will Abu Dhabi's Murban crude become Asia's new definitive oil benchmark?
Is India's pivot to pricier African oil a lasting security strategy or a temporary fix for Middle East turmoil?