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Indian Oil buys Iraqi oil at $28 discount
Reuters quoted two commercial sources as saying that Indian Oil Corporation, India's largest refining company, purchased two million barrels of Basra medium and heavy crude oil at a discount of nearly $28 per barrel compared to the October Dubai benchmark price, on a free-on-board basis. The purchase was made by Mercuria Trading after it put out a tender to buy Iraqi oil for delivery between October 21 and 31. This deal is one of the largest Iraqi oil purchases by India and reflects India’s desire to take advantage of price discounts in the global oil markets.
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