A number of high-sulfur crude grades, including the Russian Urals, have been excluded from Indian Oil Crude (IOC)’s latest tender, Reuters reported referencing trade sources.
According to sources, India’s top refiner informed market participants that Das, Eugene Island, Thunder Horse, and Urals crude are no longer included in its tender, which ends on Tuesday.
Earlier on Monday, US President Joe Biden told Indian Prime Minister Narendra Modi that India should not buy more oil from Russia because it could hamper the US response to the war in Ukraine.
This week, IOC will run two tenders, seeking separate lots of sweet and sour crude for loading in May-June.
For May loading, IOC previously bought 6 million barrels of Russian Urals.
It is worthy of noting that IOC imports crude for itself and on behalf of its Chennai Petroleum subsidiary.