The global oil price rose above $100 a barrel on Thursday, raising concerns of a disruption in oil supplies after Russia invaded Ukraine.
see photosUral crude was last imported by IOC at its Paradip port in April 2020
According to trade sources and Refinitiv data, the country’s top refiner Indian Oil Corp has bought Russian Ural crude for the first time in two years, following a fall in the spot differential. Rising tensions between Russia and the West over Ukraine created an opportunity for India to buy more Russian flagship grades after the relaxation of the global benchmark Brent since 2005.
The global oil price rose above $100 a barrel on Thursday, raising concerns of a disruption in oil supplies after Russia invaded Ukraine.
In a tender for high sulfur oil demand, IOC bought 2 million barrels of Ural crude from European traders Vitol and Trafigura, which will be delivered in April, sources said.
Ural crude was last imported by the IOC at Paradip port in April 2020, trade flow data from Refinitiv showed.
Separately, Indian refiner Naira Energy has also bought 2 million barrels of Ural crude for April delivery, another source said.
Besides the Urals, the IOC also bought 2 million barrels of Abu Dhabi Upper Zakum crude from ExxonMobil and 1 million barrels of Iraqi Basra heavy crude from Trafigura, which will be loaded in April, trade sources said.
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