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:
Honorable Prime Minister Narendra Modi has been conferred Oman’s highest national honour which is The…
A historic moment for India’s armed forces 23 year old Sai Jadhav has become the…
India and Saudi Arabia have taken another significant step to deepen their growing strategic relationship…
India’s ride hailing market is set to witness a significant shift with the upcoming rollout…
Significant boost to India’s defense logistics and operational readiness, the Indian Army has successfully inducted…
India’s labour market continued to show signs of strengthening in November 2025, with key employment…