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Indian Oil signs first annual deal for US oil

Updated : February 18, 2019 01:10 PM IST

IOC is the first Indian state refiner to buy US oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington.
The company has previously purchased US oil from spot markets and signed a mini-term deal in August to buy 6 million barrels of US oil between November and January.
Indian Oil buys about 75 percent of its oil needs through long-term deals, mostly with OPEC nations.
Indian Oil signs first annual deal for US oil

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