India’s Indian Oil Corporation has agreed to purchase around 2 million barrels of Iraq’s Basrah Medium crude, with the cargo scheduled to be loaded between October 22 and 31.
According to trading sources cited by Reuters, the deal was arranged through global oil trader Vitol, with the Iraqi crude sold at a discount of approximately $32 per barrel against the Dubai benchmark.
The deal comes as global energy markets continue to face volatility, with concerns persisting over supplies of crude oil and refined petroleum products across the region.
