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Indian Oil seeks sour oil from spot market, trade sources say

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ReutersLast Updated: Jan 16, 2025, 04:49:00 PM IST

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Indian Oil Corp (IOC) is seeking high-sulphur oil from the spot market due to expected impacts from new U.S. sanctions on Russian supplies. Indian and Chinese refiners are looking for alternatives. IOC also issued a tender for sweet crude. Spot premiums for Middle Eastern crude have surged due to strong demand.

Indian Oil Corp (IOC) is seeking high-sulphur oil from the spot market in its first sour crude import tender since March 2022, expecting the latest U.S. sanctions to hit supplies from Moscow, trade sources
said on Thursday.

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IOC and other Indian refiners boosted purchase of discounted Russian oil after western entities imposed sanctions and shunned purchases from Moscow over its invasion of Ukraine in 2022.

However, severe new U.S. sanctions on Russian producers and tankers are pushing Chinese and Indian refiners to seek alternative supplies.

Besides looking for sour crude, IOC has issued a separate tender to buy sweet crude for loading between Feb. 16 and March 15, the sources said. The tenders close on Thursday.

Spot premiums for Middle East crude rose to their highest in more than two years on Thursday on strong demand from China and India while tanker rates have soared.

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