Indian Refiners Secure 7 Million Barrels of Crude Oil
Quick Look
- Indian Oil Corp and Hindustan Petroleum Corp have collectively purchased approximately 7 million barrels of crude oil via recent tenders.
- Deliveries are expected between August and September, enhancing India's energy supply.
AI-generated summary
Why It Matters
Indian state refiners Indian Oil Corp and Hindustan Petroleum Corp have together purchased about 7 million barrels of crude oil through tenders last week.
Indian refiners Indian Oil Corp and Hindustan Petroleum Corp have together purchased about 7 million barrels of crude oil through tenders last week, trade sources said on Monday.
Prices for the deals were not immediately available.
IOC bought about 1 million barrels of Angola's Kissanje crude from Cathay Petroleum, the sources said. It also purchased 2 million barrels of Nigeria's Agbami and Usan crude from Trafigura, and a further 2 million barrels of Angola's Nemba and Dalia crude from Chevron.
The cargoes are scheduled for delivery between late August and early September.
Separately, HPCL bought 2 million barrels of Brazil's Tupi crude, the sources said. The cargoes are scheduled for delivery in August and September.
The companies typically do not comment on their commercial sales.
Open Questions
- What were the prices for these deals?
- What specific grades of crude were purchased from Brazil?
