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India’s IOC Buys First Russian Urals Crude In 2 Years After Prices Slump


Global oil worth Brent surged previous $100 a barrel on Thursday, after Russia invaded Ukraine, exacerbating issues of oil provide disruption.


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Urals crude was final imported by IOC at its Paradip port in April 2020

Indian Oil Corp, the nation’s high refiner, has purchased Russian Urals crude for the primary time in two years, after spot differentials slumped, in accordance with commerce sources and Refinitiv knowledge. The alternative for India to purchase extra of the Russian flagship grade that sometimes heads to Europe arose after its low cost to world benchmark Brent fell to the widest since 2005, hit by rising tensions between Russia and the West over Ukraine.

Global oil worth Brent surged previous $100 a barrel on Thursday, after Russia invaded Ukraine, exacerbating issues of oil provide disruption.

In a young in search of high-sulphur oil, IOC purchased 2 million barrels of Urals crude from European merchants Vitol and Trafigura, which shall be delivered in April, the sources stated.

Urals crude was final imported by IOC at its Paradip port in April 2020, Refinitiv’s commerce flows knowledge confirmed.

Separately, Indian refiner Nayara Energy has additionally purchased 2 million barrels of Urals crude for April supply, one other supply stated.

In addition to Urals, IOC additionally purchased 2 million barrels of Abu Dhabi Upper Zakum crude from ExxonMobil and 1 million barrels of Iraqi Basra Heavy crude from Trafigura which shall be loading in April, commerce sources stated.

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