India's IOC Buys Around 3 Million Barrels of Middle Eastern and West African Crude in Tender, Cargoes to Arrive in November
Deep News
Yesterday
Traders familiar with the deals said that India's state-owned oil company IOC purchased about 3 million barrels of Middle Eastern and West African crude, with cargoes scheduled to arrive between November 9 and 18.
IOC separately bought 1 million barrels each of Murban crude, Basra Medium crude, and Nemba crude.
The sellers were Trafigura Group, Mercuria, and Chevron.
The cargoes were transacted on a cost-and-freight basis, with the highest premium at about $18 per barrel over the spot Brent benchmark.
The refinery issued its CR-41 tender early this week, primarily seeking sour crude for November delivery.
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