In a 1st, IOC inks $1.5bn annual deal to buy US crude

The term contract follows IOC signing up to buy crude oil from the US through a term-tender deal in Aug last year. It had at that time bought about 6 million barrels of US crude oil under single tender for delivery between Nov 2018 and Jan 2019. This is the first time any Indian refiner has signed an annual contract since the country in 2017 began importing crude from the US.

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