India expands oil imports from three sources
India's Petroleum Corporation announced its diversification of oil imports by purchasing 3 million barrels of crude oil from the UAE, Iraq, and Angola for delivery in November, as part of its efforts to reduce reliance on a single source. The purchases were distributed among Trafigura, Mercuria, and Chevron, with prices varying based on the type of crude and source. One million barrels of UAE Murban crude were sold at a premium of between $13 and $14 above Brent crude, another million barrels of Iraqi Basra crude were sold at a price equal to Brent, and one million barrels of Angolan Nemba crude were sold at a premium of up to $18—the highest among the transactions—amid increasing Asian demand for Middle Eastern crudes.
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