Traders: Indian refineries purchase October-loading Iraqi crude

According to informed traders, after Iraq's State Oil Marketing Organization completed a tender, Indian refiners purchased Iraqi crude loaded for October shipment on an FOB basis. Indian Oil Corporation bought about 1 million barrels of Basrah Medium crude. The cargo was priced at a discount of about $23 to $28 per barrel to the Dubai benchmark crude. This move differs from wartime practice; previously, traders would usually lift Iraqi crude first and then resell it to refiners.