Indian Oil Corporation (IOC), India’s largest refiner by capacity, has purchased 3 million barrels (mmbbl) of crude oil from the Middle East and West Africa for November delivery across several Indian ports, trade sources told Reuters.

The purchases were made through tenders and include 1 mmbbl of Abu Dhabi’s Murban crude sold by Trafigura for delivery to Vadinar at a premium of $13-$14 per barrel over dated Brent.

Mercuria sold another 1 mmbbl of Iraq’s Basrah Medium crude for delivery to Chennai at a price roughly equivalent to dated Brent.

Chevron also sold 1 mmbbl of Angola’s Nemba crude for delivery at a premium of $18 per barrel over dated Brent.

India is one of the world’s largest crude oil importers, with refiners relying heavily on overseas supplies to meet domestic fuel demand. The country sources crude from a wide range of producers across the Middle East, Africa, and other regions, allowing refiners such as Indian Oil Corporation to diversify supply and respond to changing market conditions.

The post India’s IOC Purchases 3 mmbbl of Crude for November Delivery first appeared on Egypt Oil & Gas.