India's top refiner informed market participants that Das, Eugene Island, Thunder Horse and Urals crude were no longer on the list of grades under its latest tender, which closes on Tuesday, the sources said.
India is the world’s third biggest oil importer and relies on foreign suppliers to meet more than 80 percent of its demand.
IOC said it will supply gasoil, gasoline and jet fuel to Sri Lanka over the next 4-5 months.
Apollo Hospitals Enterprise Ltd will replace Indian Oil Corporation Ltd in Nifty50.
Edelweiss expects an inflow of $175 million in the stock after inclusion in the benchmark index while IOC could see around $100 million outflow
As the country grapples with record-high fuel prices, he said joint procurement will bring better bargaining power and help cut the import bill.
Speaking at India Energy Forum by CERAWeek, he said petrol and cooking gas LPG demand is already above pe-COVID levels and diesel – the most consumed fuel in the country – is inching back to normalcy.
Addressing the company's annual meeting of shareholders, IOC Chairman Shrikant Madhav Vaidya said petrol demand is already back at pre-COVID levels and diesel - the most used fuel in the country - should return to normal levels by Diwali.
'The refining industry has been modernized and upgraded continuously with the indigenous and imported technologies for refining cost reduction' and product upgrading, Teli said.
A second wave of virus infections have forced several states to impose stricter restrictions to limit the movement of people, impacting industrial activities and fuel consumption.
Indian Oil Corp, Bharat Petroleum Corp., Hindustan Petroleum Corp and Mangalore Refinery and Petrochemicals Ltd are preparing to lift about 10.8 million barrels in May, the sources said on condition of anonymity.
India, hit hard by the soaring oil prices, has urged producers to ease output cuts and help the global economic recovery. In response, the Saudi energy minister told India to dip into strategic reserves filled with cheaper oil bought last year.
India, the world's third biggest oil importer and consumer, aims to expand its 5 million bpd refining capacity by 60 percent to meet rising local demand as Prime Minister Narendra Modi seeks to boost the manufacturing sector.
The fourth-biggest producer in the Organization of the Petroleum Exporting Countries (OPEC) said it would assess the situation in over October and November before committing supplies for the first quarter of 2022, the sources said.
IOC loaded the cargo onto Minerva Kalypso, a suezmax-sized vessel, which left Iraq's southern port of Basra on January 4, the data showed. The ship is expected to arrive at Chennai port in southeastern India around January 14.
IOC has been gradually raising crude runs at its plants, which plunged to about 39 percent at the beginning of April when a nationwide coronavirus lockdown hit fuel demand.
IOC, which controls over 40 percent of India’s diesel-dominated petroleum product market, recently introduced differentiated LPG for industrial users that gives flame temperature that is 80 percent higher than conventional cooking gas, thereby cutting down cooking time and saving 5-8 percent on fuel.
India, the world's third-biggest oil importer and consumer, has experienced a sharp decline in its fuel demand, mirroring a global trend following the coronavirus outbreak.
The new regulation, put in place on July 23, comes after a border clash between India and China that killed 20 Indians and soured relations between the two neighbours.
IOC will supply 205,000 tonnes of 95 RON gasoline, 235,000 tonnes of 10 parts per million (ppm) gasoil, 175,000 tonnes of jet fuel and up to 105,000 tonne of marine gasoil, sources said.
Fuel sales had fallen by a record 45.8 percent in April when a nationwide lockdown was in place to check the coronavirus infections.
Fuel demand in Asia's third largest economy had been rising since May from historic lows in April, when a nation-wide lockdown to stem the spread of the novel coronavirus was enforced.
Indian refiners operated at about 85.4 percent of their overall capacity in June, the data showed.
IOC's rating benefits from its dominant market position in India, where it is the largest oil refining and marketing company, the above-average complexity of its refining assets and improving diversification
Fuel demand growth in India, the world's third-biggest oil importer and consumer, plunged to historic lows in April when the federal government imposed a country-wide lockdown.