Indian Oil Buys First Shale Oil from United States
Posted on:14 Aug 2017 10:16:31
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14 August 2017 Current Affairs: State-owned Indian Oil Corporation (IOC) brought the country’s first shale oil from the United States of America and is looking to step up imports from America as part of its crude diversification strategy.
IOC bought 1.9 million barrels of US crude in its second import tender seeking oil from the America.
India, the world’s third-largest oil importer, joins Asian countries like South Korea, Japan, and China to buy US crude after production cuts by Organization of the Petroleum Exporting Countries (OPEC) drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
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