IOC reissues end Nov-Dec tender

SINGAPORE, Oct 13 (Reuters) State-run Indian Oil Corp. (IOC) has reissued a tender to buy sweet crude for end-November and December loading after cancelling an earlier similar one, traders said on Friday.

The reasons behind the cancellation were not clear and details of the new tender have yet to emerge.

The tender issued last week was the first by IOC in more than three weeks and the decision not to award it was bearish for Nigerian crudes, IOC's favourite staple.

Indian refiners have been remarkably quiet over the past month, having bought no crude on the market for several weeks.

But trading sources have said Indian refiners were not cutting crude runs.

IOC, which has a total refining capacity of around 1 million barrels per day (bpd), tenders several times a month to buy crude oil, mainly West African grades.

It also imports a VLCC of Nigerian crude a month under a term contract with European trader Vitol.

REUTERS CS RN1340