India’s IOC purchased 3 million barrels of Nigerian oil in a tender awarded on Thursday, Reuters reports.
Trading was otherwise subdued, but benchmark dated Brent, which forms the basis of West African oil, fell sharply on concerns that global inventories were not tightening as expected.
India’s IOC purchased three cargoes of Nigerian crude, including Erha and Usan from ExxonMobil, in its recent tender. Vitol will supply one cargo of Nigerian crude to IOC.
Recent mini tenders from Indian buyers have helped boost values for Nigerian oil grades. Fresh offers were limited as companies digested the impact of the IOC tender.