April 2, 2009 / 12:09 PM / 11 years ago

India IOC buys 2 mln barrels Nigerian crude -trade

LONDON, April 2 (Reuters) - India’s largest state run refiner, Indian Oil Corp (IOC), has bought at least one very large crude carrier of Nigerian crude oil via its first tender for June loading sweet crude, traders said on Thursday.

IOC has bought two million barrels of light, sweet Nigerian Qua Iboe BFO-QUA crude from oil trader Vitol for around dated Brent plus 50-60 cents, traders said.

Differentials for light, sweet Nigerian grades have weakened significantly in the last month due to an oversupply of crude in floating storage, poor refining margins and waining demand in the wake of the global economic crisis.

March loading Qua Iboe cargoes were demanding a premium over dated Brent of above $3.00, but deals done for May and June loading cargoes were all below dated Brent plus $1.00.

IOC bought 11.6 million barrels of sweet crude in three tenders for May loading cargoes.

IOC, which operates about 10 refineries across India for a total capacity of 1.204 million bpd, tenders several times a month to buy crude, mainly West African barrels. (Reporting by Joe Brock; Editing by Anthony Barker)

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