Shafaq News- New Delhi/ Baghdad

State-owned Indian Oil Corporation has bought 2 million barrels of Iraqi Basrah Medium and Basrah Heavy crude at a discount of about $28 a barrel to the October Dubai benchmark, Reuters reported on Monday, citing two trade sources.

The Indian refiner purchased the oil from trading firm Mercuria after issuing a tender for Iraqi crude for delivery between Oct. 21 and 31.

Companies typically do not comment on tender information.

India is a regular importer of Iraqi crude. During the first round of fighting between the United States and Iran, from Feb. 28 to April 8, India, however, cut its crude oil imports from Iraq by about 84% as disruptions in the Strait of Hormuz disrupted shipping.

Basrah Heavy and Basrah Medium crude ended last week with steep losses as weaker global oil prices pressured both grades, which fell by more than 10%, or about $9 a barrel, in the final trading sessions.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed