IOC Buys Iraqi Crude At $32 Discount: What It Means For Refining Margins & Profitability

Indian Oil Corporation (IOC) has secured around 2 million barrels of Iraqi medium crude at a steep discount amid disruptions around the Strait of Hormuz. The cargo, scheduled for loading between October 22 and 31, was reportedly bought at around $32 per barrel below the Dubai benchmark. Business Today Executive Editor Geetu Moza explains why Iraq is offering crude at such a sharp discount and what it could mean for IOC’s procurement costs and refining margins. The discussion also looks at rising freight, insurance and logistics costs, crude price volatility and the potential impact on India’s oil import bill.