India’s Indian Oil buys 2 million barrels of Iraqi Basrah crude at discount

India’s Indian Oil Corporation has purchased around 2 million barrels of Iraq’s Basrah Medium crude, with the cargo scheduled for loading between October 22 and 31.

According to sources cited by Reuters, the deal was arranged through global oil trader Vitol, with the Iraqi crude purchased at a discount of around $32 per barrel compared with the Dubai benchmark.

The transaction comes as global energy markets remain under pressure amid ongoing concerns over crude and refined-product supplies in the region.