ONGC sells Dec-loading Russian Sokol crude at wider discount: Sources

SINGAPORE: Indian oil explorer ONGC has sold a Russian Sokol crude cargo, loading Dec. 18-24, at a discount of around 60 cents a barrel to Dubai quotes via its second spot tender, trade sources said on Monday.

The name of the buyer was not immediately clear.

Prices of Sokol crude, which yields more middle distillates like jet fuel and gasoil from refining, took a hit this year as transport fuel demand slumped due to government measures to contain the COVID-19 pandemic.

Earlier this month, ONGC and Exxon Mobil sold December-loading Sokol crude cargoes at discounts of around 30-40 cents a barrel to Dubai quotes..