After SOMO's tender in Iraq, Indian refiners purchased October-loading crude oil directly on an FOB basis.

(1) According to informed traders, after completing the tender, Iraq’s national oil sales company (SOMO) sold Iraqi crude oil for October shipment to Indian refiners on a FOB (Free On Board) basis. (2) Indian oil companies have purchased approximately 1 million barrels of Basra Medium crude oil. (3) The price of this batch is at a discount of about $23 to $28 per barrel compared to the Dubai benchmark crude. (4) This move differs from wartime practices; previously, traders would typically first load Iraqi crude and then resell it to refiners.