India to import crude oil from US for first time

India, the world’s third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corp bought a cargo that will be delivered in October 2017.

India is the latest Asian country to buy US crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the countries seek to diversify oil imports from other regions after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.

Important Takeaways from Above News-
  • The Chairman of Indian Oil Corporation Ltd. is Sanjiv Singh.
Source- The Hindu

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