IOC buys first Johan Sverdup crude cargoes; to get 2 million barrels in May-June
IOC will take delivery of 2 million barrels each of the North Sea crude in May and June
Reuters | April 5, 2021 | Updated 15:36 IST
State-run refiner Indian Oil Corporation (IOC) has bought 4 million barrels of Norway s Johan Sverdrup crude for the first time via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.
IOC will take delivery of 2 million barrels each of the North Sea crude in May and June, one of the sources said. Further details on the trades were not yet clear.
Brent crude fell 40 cents, or 0.7%, to $61.07 a barrel, as of 0350 GMT, after a strong run in recent days driven by the Organisation of Petroleum Exporting Countries and its allies, known as OPEC+, agreed output cuts