State-owned Indian Oil Corporation (IOC) has bought the country’s first shale oil from the US and is looking to step up imports from America as part of its crude diversification strategy. IOC bought 1.9 million barrels of US crude in its second import tender seeking oil from the Americas.
India, the world’s third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy US crude after production cuts by Organization of the Petroleum Exporting Countries (OPEC) drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
Important Takeaways from Above News-
- Sanjiv Singh is present Chairman of IOC.
- The Head Office of Indian Oil Corporation is in New Delhi.
- Vienna, Austria is Headquarter of OPEC.
Source- The Hindu Business Line