IOC Purchases Its Very First Cargo Of Iraqi Basra Medium Oil – Information, Source
SINGAPORE/NEW DELHI: Indian Oil Corp (IOC), the nation’s top refiner, has packed its first cargo of Iraq’s brand-new Basra Medium crude grade which was introduced this year, according to ship tracking information from Refinitiv Eikon and a source with knowledge of the matter.
IOC loaded the cargo onto Minerva Kalypso, a suezmax-sized vessel, which left Iraq’s southern port of Basra on Jan. 4, the data showed. The ship is expected to arrive at Chennai port in southeastern India around Jan. 14.
Iraq has increased Basra crude exports by presenting this new grade after the Company of the Petroleum Exporting Countries and its allies consented to raise output by 500,000 barrels daily (bpd) in January.
” From this year IOC will get all 3 grades– Basra Light, Basra Medium and Basra Heavy– depending on the accessibility with the provider,” the source stated, adding that the 1 million barrels of Basra Medium crude would go to IOC’s subsidiary Chennai Petroleum Corp.
Chennai Petroleum and Indian Oil Corp did not instantly react to demands for comments.
Along with Chennai Petroleum, IOC manages about a 3rd of the 5 million bpd of refining capability in India.
Iraq’s state oil marketing business (SOMO) launched the brand-new sour crude grade in January by splitting the existing Basra Light production into 2 grades to supply much better quality stability.
” Basrah Medium helps fill the gap of a shortage of heavy oil globally due to sanctions on Iran and Venezuela, decreasing production in Colombia and Mexico and OPEC quotas,” analytics firm Kpler said.
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