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IOC Secures 7 Million Barrels to Counter Russian Oil Sanctions

1/17/2025

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Summary

Story summary

Indian Oil Corp (IOC) has secured 7 million barrels of crude oil from the Middle East and Africa, including 2 million barrels of Abu Dhabi's Murban, to offset the impact of U.S. sanctions on Russian oil. The Murban cargo fetched a premium of $5 per barrel above the Dubai benchmark, reflecting the surge in global oil prices.

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Story summary

Indian Oil Corp (IOC) has secured 7 million barrels of crude oil from the Middle East and Africa, including 2 million barrels of Abu Dhabi's Murban, to offset the impact of U.S. sanctions on Russian oil. The Murban cargo fetched a premium of $5 per barrel above the Dubai benchmark, reflecting the surge in global oil prices.