IOC buys 3 million barrels of West African crude oil

Indian Oil Corporation (IOC) has purchased three million barrels of West African crude oil via a tender for June lifting, including a rare purchase of Nigeria’s Okwuibome grade. The company has bought million barrels of Okwuibome oil from trader Glencore as a trial cargo for processing at some of its own plants. Further, the company bought a very large crude carrier containing about a million barrels each of Nigeria’s Zafiro and Qua Iboe grades. IOC, along with subsidiary Chennai Petroleum, controls about 31% of India's oil refining capacity of 4.3 million bpd.