IOC becomes first Indian refiner to purchase Eagle ford shale oil

Indian Oil Corporation (IOC) bought 1.9 million barrels of U.S. crude in its second import tender making it the first Indian refiner to purchase Eagle Ford shale oil. IOC bought 950,000 barrels of light sweet Eagle Ford shale oil and 950,000 barrels of heavy sour Mars crude for end-October delivery from trading firm. Indian refiners have turned their sights to crude from the Americas as they are keen to diversify their crude import sources owing to global oil supply cuts.

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