Purchases of sweet crude oil by India's IOC scheduled for delivery in November, according to various sources
Indian Oil Corp Purchases 2 Million Barrels of U.S. Sweet Crude
In a significant move, Indian Oil Corp, the country's top refiner, has purchased 2 million barrels of U.S. West Texas Intermediate Midland (WTI) sweet crude for delivery in November. The purchase was made through a tender in Singapore, but the exact delivery date remains undisclosed.
The supplier of the WTI cargo is Totsa, and the sale was made at a premium. The premium for the WTI cargo was approximately $3.50 per barrel compared to dated Brent on delivery at port basis to Vadinar, the delivery location for the WTI cargo.
The purchase was made to Vadinar, and the terms and price of the sale were not disclosed. The crude oil purchased is referred to as "sweet crude," a type of crude oil that contains less than 0.4% sulphur, making it easier to refine.
It is important to note that this is not the only purchase made by Indian Oil Corp, as no information was given about any other crude oil purchases made by the company. Furthermore, no further details about the supplier of the WTI cargo were provided.
The transaction took place on Friday, but there is no publicly available information on who purchased the U.S. West Texas Intermediate Midland sweet crude for November delivery from Totsa.
This purchase comes as oil prices have been on the rise due to a global energy crisis and geopolitical tensions. The premium for the WTI cargo reflects the current market conditions, as the price of oil has been fluctuating due to supply and demand imbalances.
In conclusion, Indian Oil Corp has made a significant crude oil purchase, buying 2 million barrels of U.S. West Texas Intermediate Midland sweet crude for delivery in November. The sale was made at a premium, but the exact terms and price of the transaction remain undisclosed.
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