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IOC buys first Johan Sverdup crude cargoes; to get 2 million barrels in May-June

IOC will take delivery of 2 million barrels each of the North Sea crude in May and June

twitter-logoReuters | April 5, 2021 | Updated 15:35 IST
IOC buys first Johan Sverdup crude cargoes; to get 2 million barrels in May-June

State-run refiner Indian Oil Corporation (IOC) has bought 4 million barrels of Norway's Johan Sverdrup crude for the first time via a tender as it speeds up diversification of crude imports, two trade sources told Reuters on Monday.

IOC will take delivery of 2 million barrels each of the North Sea crude in May and June, one of the sources said. Further details on the trades were not yet clear.

The move followed the Indian government's call to cut dependence on crude from the Middle East in an escalating stand-off between India, the world's third-largest crude importer, and Saudi Arabia, the de-facto leader of the Organization of Petroleum Exporting Countries (OPEC).

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