Purchases of sweet crude oil for November delivery made by India's IOC, according to insider sources
In a significant move, Indian Oil Corp., India's top refiner, has announced the purchase of 2 million barrels of sweet crude oil for delivery in November. The crude oil in question is the U.S. West Texas Intermediate Midland (WTI), according to trade sources.
The sale of this WTI cargo was made above the price of dated Brent, with a premium of approximately $3.50 per barrel. This significant price differential played a crucial role in the transaction. The sale was confirmed by a trade source, although the exact date of the confirmation was not specified.
The crude oil was bought from a supplier named Totsa, and the sale was made via a tender. The delivery is scheduled for November, and the sale was made on a delivery at port basis to Vadinar.
Interestingly, this sale was not part of the same tender as the previous purchase by Indian Oil Corp. This indicates a continuous interest in WTI crude oil by the Indian refiner.
The origin of the WTI cargo delivered in November is typically the United States. WTI crude oil is sourced from oil fields primarily in Texas and surrounding regions.
The purchase was made through a tender, according to trade sources, further emphasising the strategic nature of this transaction.
The exact sale price was not disclosed for any other crude oil involved in the transaction. However, the sale of WTI cargo was confirmed to have been made to Indian Oil Corp., as indicated by the source.
This transaction marks another strategic move by Indian Oil Corp. in the global crude oil market, underscoring its commitment to securing reliable supplies of high-quality crude oil for its refineries.
Read also:
- Catastrophe at a U.S. Steel facility in Pennsylvania results in the loss of two lives. crucial details unveiled
- Auto Industry Updates: Geotab, C2A, Deloitte, NOVOSENSE, Soracom, and Panasonic in Focus
- Republican Representative Buddy Carter from Georgia discusses solar energy, electric vehicles, and nuclear power.
- Battle for Corporate Liability in Addressing Climate Damages
