Indian Oil buys about 75 per cent of its oil needs through long-term deals, mostly with OPEC nations
Indian Oil Corporation (IOC) has signed its first annual deal to buy United States (US) oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020 to diversify its crude sources, its chairman said on Monday.
IOC is the first state refiner to buy US oil under an annual contract, in a deal that will also help boost trade between New Delhi and Washington.
