According to Reuters, Indian Oil Corporation (IOC) has purchased 3 million barrels of Russian Urals oil from a Geneva-based broker Vitol for delivery in May, despite the ongoing sanctions against Russia in course of the Ukraine War.
It was India’s first purchase of this grade, since Russia invaded Ukraine on February 24. Vitol is said to have sold the cargoes at a discount of $20-$25 per barrel compared to dated Brent oil.
In response to Western sanctions against Russia, numerous firms and countries have turned away from the country’s oil, driving down the price of Russian crude to record lows. According to additional sources, the IOC, on the other hand, did not perceive any problems with the procurement because it was not dealing with a sanctioned entity.
It appears that IOC had stated as recently as late February that it would purchase Russian oil on a delivered basis in order to avoid any issues relating to insurance and vessel repositioning.
Indian Oil Corporation (IOC) also purchased two million barrels of Murban oil from Abu Dhabi and one million barrels of Akpo and Forcados crude from Nigeria, as well as Kole crude from Cameroon, the firm reported.
Edited by- Subbuthai Padma
Published by- Iram Rizvi
