NEW DELHI - Indian state-refiner Indian Oil Corp. (IOC) has bought 3 million barrels of U.S. crude for loading in June, a senior source privy to the deal said.
IOC, the country's top refiner, has bought 2 million barrels of Louisiana Light Sweet crude and a million barrels of WTI Midland through tender for arrival in July , said the source. The source did not wish to be identified due to the sensitivity of the matter.
The source said U.S. crude competed with other middle eastern and African grades in an open tender. The sources declined to reveal the prices and identity of the seller.
Rising production and supplies from the United States have also made arbitrage economics feasible for Indian imports.