India Replaces Russian Oil With Mideast and African Barrels

Indian Oil Corp, the state major, is buying Middle Eastern and African crude to replace Russian volumes affected by U.S. sanctions, including a cargo of Abu Dhabi Murban crude, which IOC does not normally buy, Reuters has reported, citing trading sources. The Murban cargo fetched a premium of $5 per barrel above the Dubai benchmark, the sources told Reuters. In addition to the rare Murban cargo, which totaled 2 million barrels, Indian Oil Corp. also bought 3 million barrels of Nigerian crude, a million barrels of Gabonese crude, and a cargo of…