India buys first ever US crude oil
July 10th, 2017
India, the world’s third-largest oil importer, will import crude oil from the United States for the first time after Indian Oil Corporation bought a cargo that will be delivered in October 2017. India is the latest Asian country to buy US crude after South Korea, Japan, China, Thailand, Australia and Taiwan as the countries seek to diversify oil imports from other regions after the OPEC cuts drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content. IOC bought 1.6 million barrels of US Mars crude, a heavy, high-sulphur grade, and 4,00,000 barrels of Western Canadian Select that will be delivered onboard a Very Large Crude Carrier.