Indian Oil Buys Iraqi Oil at Discount
Indian Oil Corp has purchased two million barrels of Iraqi Basrah Medium oil for October loading from Vitol. The state refiner secured the cargo at a discount of thirty-two dollars per barrel to Dubai prices.
Insights:
Indian Oil Corp purchased 2 million barrels of crude from Iraq for October loading at a discount of $32 per barrel to Dubai quotes, people familiar with the deal said on Wednesday morning. The state-run refiner secured the Basrah Medium cargo through trader Vitol for delivery across October 22-31. The purchase supplies India's primary refining network amid shifting global crude flows.
