Commodities 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. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.