The State-owned Indian Oil Corporation signed an annual deal to import 3 million tons of crude oil worth $1.5 billion from the U.S. starting next month
Last year Indian Oil purchased crude oil from the U.S. through a term tender deal in August when it bought 6 million barrels under single tender for delivery between November 2018 and January 2019.
The increased purchase of U.S. oil this year comes within months of economic sanctions against Iran that came into force from November 4, 2018. Iran is India’s third-biggest supplier of oil.
