Indian Oil Corp is seeking one to two million barrels of Basrah Medium crude through a spot tender for loading between Oct 22 and Oct 30. This procurement effort follows a decision by Iraq's state oil marketer to provide contractual crude supplies for October at discounts of as much as $37 per barrel relative to regional benchmarks.

These rates mark a further decrease from earlier deals in which Indian Oil obtained crude for the Oct 21 to 31 lifting window at $28 per barrel below the Dubai benchmark. Iraq continues to provide steep discounts on its crude exports as it targets international buyers for October shipments.