Indian Oil Corporation bought two million barrels of Basrah Medium from Vitol for loading on 22–31 October, Reuters reported on 1 October, citing two unnamed sources.
The reported price was $32 a barrel below Dubai on a free-on-board Basrah basis. This describes one reported transaction, not a universal Iraqi selling price or a completed shipment. Reuters noted that the companies typically do not comment on commercial deals.
This transaction places Indian Oil on the buying side and Vitol on the selling side of an Iraq-linked cargo. It provides evidence about a particular trading arrangement; neither company’s role in this sale establishes ownership of the Iraqi field producing the crude.