IOC buys more U.S. crude; first to purchase Eagle Ford shale oil
Indian state-refiner IOC
IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm Trafigura, the refiner`s finance director, A.K. Sharma, told Reuters.
The latest purchase comes after a previous import tender where IOC bought 1.6 million barrels of Mars crude and 400,000 barrels of Western Canadian Select.
Indian refiners have turned their sights to crude from the Americas as they are keen to diversify their crude import sources as arbitrage opens due to global oil supply cuts.
Rising production and supplies from the United States have also made arbitrage economics feasible for Indian imports.
State-run Bharat Petroleum Corp
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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