Indian Oil Corp (IOC) and Russian Rosneft signed 1st term contract for importing 2 Million Metric Tonnes of Urals grade crude oil to India for the year 2020. India is the 3rd largest Energy Consumer in the world, India imports globally 83% of oil to meet its oil need. India has to enlarge its sources for oil imports away from the Middle East oil-producing countries.
India made a strategy to expand its oil source India’s strategy for Diversification (Importing crude oil from non-OPEC countries) and the term contract is also under the part of the strategy.
Important takeaways for all competitive exams:
Did you know there is a country where coffee is not just a drink but…
India’s trade deficit widened sharply in January 2026 as imports surged by 19 per cent…
HAMMER air-to-surface weapon will soon be manufactured in India after a major India-France defence agreement.…
Johannes Klaebo won his record ninth Winter Olympic medal as Norway secured gold in the…
Did you know that one district in Uttar Pradesh has earned a stylish nickname because…
Did you know that some mountains earn special nicknames because of their shape and strength?…