Sweet Spot: India’s top refiner IOC buys most crude since COVID-19 outbreak, say sources

SINGAPORE/NEW DELHI: Indian Oil Corp, the country’s largest state refiner, has bought nearly 20 million barrels of spot crude from West Africa and the Middle East for delivery in early 2021, three trade sources said on Monday.

The purchase is the largest by the refiner since the COVID-19 pandemic broke out in the world’s third largest crude oil importer in second quarter.