Indian Oil Corp Acquires 5 Million Barrels of Crude Oil
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 8 hours ago
0mins
Source: Newsfilter
- Purchase Scale: Indian Oil Corp has acquired 5 million barrels of crude oil from West Africa and the Middle East via a tender this week, indicating its active engagement in the global market and strong demand for crude supplies.
- Source of Crude: The procurement includes Angola's Kissanje and Nemba crude for delivery to its Paradip refinery, highlighting the company's strategic focus on optimizing its raw material sources.
- Price Dynamics: The West African cargoes traded at premiums of around $4 per barrel to dated Brent, while Murban crude was sold at flat to a slight premium, reflecting market demand and pricing strategies for these crude types.
- Delivery Arrangements: IOC also purchased Nigeria's Usan crude from ExxonMobil and Abu Dhabi's Murban crude from Mercuria for delivery to Vadinar and Chennai, respectively, showcasing its supply chain management capabilities across different regions.
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Analyst Views on XOM
Wall Street analysts forecast XOM stock price to fall
19 Analyst Rating
12 Buy
7 Hold
0 Sell
Moderate Buy
Current: 146.960
Low
114.00
Averages
132.17
High
158.00
Current: 146.960
Low
114.00
Averages
132.17
High
158.00
About XOM
Exxon Mobil Corporation is an energy provider and chemical manufacturer. The Company’s principal business involves exploration for, and production of, crude oil and natural gas; the manufacture, trade, transport and sale of crude oil, natural gas, petroleum products, petrochemicals and a wide variety of specialty products; and pursuit of lower-emission and other new business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, Proxxima systems, carbon materials, and lithium. Its Upstream segment explores for and produces crude oil and natural gas. The Energy Products, Chemical Products, and Specialty Products segments manufacture and sell petroleum products and petrochemicals. Energy Products segment includes fuels, aromatics, and catalysts and licensing. Chemical Products segment consists of olefins, polyolefins, and intermediates. Specialty Products segment includes finished lubricants, basestocks and waxes, synthetics, and elastomers and resins.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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