Indian oil buys 3 mn Bbls Russian Urals from trader Vitol for May
In the first purchase after the Russia-Ukraine crisis, the Indian Oil Corp (IOC), the country’s top refiner, bought 3 million barrels of Russian Urals from trader Vitol for May delivery, trade sources said.
Earlier, in February the IOC had said it would buy Russian oil on a delivered basis to avoid any complication relating to fixing vessels and insurance.
Sources said IOC does not see any problem in paying for the cargo as oil as a commodity is not banned and it was not dealing with a sanctioned entity.
Meanwhile, the IOC has purchased 2 million barrels of Abu Dhabi’s Murban crude and one million barrels each of Nigeria’s Akpo and Forcados, and Cameroon’s Kole, as per sources.
Western sanctions against Russia have led many companies and countries to shun its oil, depressing Russian crude to record discount levels.
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