Libya has executed a landmark transaction by selling one million barrels of crude oil to an Indian buyer, securing a premium that stands as potentially the highest since the onset of the Iran war, the Business News Report said yesterday.
According to data tracked by Washington-based Energy Platform, the state-owned Indian Oil Corp purchased one million barrels of Libyan Sirte/Missla blend for delivery in November 2026.
The report says the shipment was acquired from trading house Mercuria at a premium of approximately US$ 23 per barrel above Brent prices for October. It adds that this specific spread represents the highest among four crude grades offered in the tender, signalling strong demand for Libyan heavy crude variants in international markets during the current fiscal period.
The report says the Indian Ministry of Petroleum is seeking expand its sources of oil beyond the Strait of Hormuz, increasing supplier nations from 27 in 2006-2007 to nearly 40 today.