India Purchases 2 Million Barrels of Basra Crude at a $28-a-Barrel Discount

India has purchased around two million barrels of Basra Medium and Basra Heavy crude at a discount of approximately $28 per barrel against the October benchmark, on a free-on-board (FOB) basis.

According to two trading sources cited by Reuters, an Indian state-owned refinery bought the crude from trading firm Mercuria after issuing a tender to purchase Iraqi oil for delivery between October 21 and 31.