Nigeria's Biggest Indian Oil Buyer Signs First Deal for U.S. Oil

19 February 2019

State-owned Indian Oil Corp (IOC) has signed its first annual deal to buy US oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 Reuters reported yesterday quoting the company's chairman.

IOC, India's largest refiner, is the first Indian state refiner to buy US oil under an annual contract, in a deal that will help boost trade between New Delhi and Washington but could also threaten Nigeria's crude exports to India, Daily Trust reports.

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