Oil Supply Deal

To ensure a steady inflow of crude oil at a time imports from Iran are falling, state-run Indian Oil Corp (IOC) has become the first domestic company to sign a long-term supply contract with the US.

Key Points

  • The annual deal is worth $1.5 billion and will be effective for FY20.
  • According to reports, crude oil import from sanction-hit Iran fell to 270,500 barrels per day (bpd) in January from the estimated 300,000 bpd, or 1.25 million tonne per month, allowed as per the waiver extended by US for six months starting November.
  • Before US put sanctions against Iran, the Persian Gulf ....
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