Indian Oil buys 3 mn barrels at a ‘discount’

Indian Oil Corp, the country’s top refiner, on Wednesday bought 3 million barrels of Russian Urals and 2 million barrels of West African oil through a tender for May loading, trade sources said.

Urals crude has been purchased from trader Vitol on a delivered basis at a “discount”, they said.

This is the second purchase of Urals by IOC since Russia invaded Ukraine on Feb. 24. It bought similar volumes of Urals from Vitol earlier this month for delivery in May.

The invasion has prompted a barrage of sanctions that have limited Russia’s ability to do business in major currencies and hit several of its banks and state-owned enterprises.

Image courtesy of thesatimes

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