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IOC buys 5 mn barrels of oil

IOC buys 5 mn barrels of oil
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First Published: Tue, Sep 06 2011. 04 34 PM IST
Updated: Tue, Sep 06 2011. 04 34 PM IST
London/Singapore: Indian Oil Corporation Limited (IOC) has bought about 5 million barrels of West African light crude, all from majors, via its tender to buy oil for November loading, traders said on Tuesday.
India’s largest refiner bought Nigerian Yoho and Equatorial Guinea’s Zafiro from Shell, Nigerian Amenam and Angolan Girassol from Total and Nigerian Escravos from Chevron .
Price details did not emerge. It is not clear if IOC has issued the next tender yet.
“They have taken 5 cargoes in November on the first tender, it looks like good, or perhaps we should say a return to normal demand,” a trader said.
In October, IOC bought only 2 million.
Some said IOC’s tenders have been further out as the Nigerian market is still trading end-October cargoes, giving advantage to oil majors that have equities in African oil producers.
The November programmes for West African crude will be released later this week and next week.
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First Published: Tue, Sep 06 2011. 04 34 PM IST
More Topics: IOC | Crude | West Africa | Oil | Corporate News |