According to familiar traders, after the Iraqi National Petroleum Sales Company completed the tender, Indian refiners purchased Iraqi crude oil loaded in October at FOB prices. Indian oil bought about 1 million barrels of Basra medium crude oil. The price of this shipment is about 23 to 28 US dollars/barrel at a discount of about $23 to $28 per barrel compared to Dubai's benchmark crude oil. This move is different from wartime practice; in the past, traders usually loaded Iraqi crude oil and then resold it to refiners.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.