A large spot purchase of oil occurred after the opening of an arbitration window for American oil to Asia.
UNN reports with reference to Reuters.
Details
Indian Oil Corp (IOC), India's largest oil refinery, purchased 7 million barrels of crude oil, which is expected to arrive in September from the United States, Canada, and the Middle East through a tender.
IOC bought 4.5 million barrels of American crude oil, 500,000 barrels of Canadian Western Canadian Select (WCS) oil, and two million barrels of Das oil produced in Abu Dhabi
Purchases, exceeding the usual, are partly aimed at replacing Russian barrels.
Reference
India is the largest buyer of seaborne Russian crude oil, with the country being the world's third-largest oil importer.
As Reuters clarifies, Indian state-owned refineries such as IOC, Hindustan Petroleum Corp, Bharat Petroleum Corp, Mangalore Refinery Petrochemical Ltd - have not turned to Russian crude oil in the last week.
Recall
India did not oblige refineries to stop buying Russian oil, despite Donald Trump's criticism. India claims that its energy purchases are driven by market forces and price.
Oil prices fell after OPEC+'s decision to increase production by 547,000 barrels per day in September.