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IOC buys more U.S. crude; first to purchase Eagle Ford shale oil

Reuters  |  NEW DEHLI 

NEW DEHLI (Reuters) - Indian state-refiner bought 1.9 million barrels of U.S. crude in its second import tender seeking from the Americas, making it the first Indian refiner to purchase Eagle shale oil, a senior official said on Friday.

bought 950,000 barrels of light sweet Eagle shale 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

The latest purchase comes after a previous import tender where 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 supply cuts.

Rising production and supplies from the United States have also made arbitrage economics feasible for Indian

State-run Bharat Petroleum Corp was the first Indian refiner to buy 1 million barrels of low-sulphur WTI Midland crude this month, while India's HPCL has announced plans to also purchase low-sulphur U.S. crude.

(Reporting by Nidhi Verma, Writing by Mark Tay; Editing by Sunil Nair)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, August 11 2017. 09:41 IST