India buys 2 million barrels of Basra crude at a discount of $28
India buys 2 million barrels of Basra crude at a discount of $28
2026-09-28
Shafaq News – New Delhi
Reuters reported on Monday that Indian Oil Corp., India’s largest refiner, bought 2 million barrels of Basra Medium and Basra Heavy crude at a discount of about $28 a barrel compared to the October Dubai benchmark crude price, on a free-on-board (FOB) basis.
The agency quoted two trading sources as saying that the Indian state-owned refiner bought the oil from Mercuria Trading, after it issued a tender to purchase Iraqi oil for delivery between October 21 and 31.
Companies do not usually comment on information related to bids, according to Reuters.
Basra Heavy and Basra Medium crude oil ended last week with significant losses, affected by the decline in global oil prices, after falling by more than $9 per barrel in the last trading sessions.
Oil prices rose more than 1% in early trading on Monday, as tensions in the Middle East escalated after US President Donald Trump rejected an Iranian peace proposal, despite expectations of further talks between the two sides this week.
shafaq.com
