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2026-05-29 16:58:53
[Indian Oil Corporation Purchases 5 Million Barrels of West African and Middle Eastern Crude This Week; West African Crude at a Premium of Approximately $4 Per Barrel over Brent] ⑴ Trade sources revealed on Friday that Indian state-owned oil refining company Indian Oil Corporation (IEC) purchased 5 million barrels of crude oil from West Africa and the Middle East this week through a tender process. ⑵ The sources stated that the company purchased Angolan Kisanjae and Nemba crude oil, which will be shipped to the Paradeep refinery. It also purchased Nigerian Ussane crude oil from ExxonMobil and UAE Abu Dhabi Murban crude oil from Mercuria, which will be shipped to the Waddin Nair refinery. ⑶ The company also purchased Murban crude oil from Total Energy's trading subsidiary, which will be shipped to the Chennai refinery. ⑷ The sources added that this batch of West African crude oil was priced at a premium of approximately $4 per barrel over spot Brent crude oil; the price of Murban crude oil was flat or slightly at a premium to spot Brent crude oil.
