Indian Oil removes Russian Urals from latest tender

Indian Oil Corp (IOC) has excluded several high-sulphur crude grades, including Russian Urals, from its latest tender, trade sources said on April 12, Report informs referring to Reuters.

India’s top refiner informed market participants that Das, Eugene Island, Thunder Horse and Urals crude were no longer on the list of grades under its latest tender, which closes on April 12, the sources said.

IOC imports crude for itself and on behalf of its Chennai Petroleum subsidiary.

Chennai is now seeking sweet crude instead of sour oil as it has received some high-sulphur crude from IOC, one of the sources familiar with the matter said. The sources spoke on condition of anonymity.

US President Joe Biden had told Indian Prime Minister Narendra Modi late on April 11 that buying more oil from Russia was not in India’s interest and could hamper the US response to the war in Ukraine.