Nigeria loses biggest Indian oil buyer to US

Indian Oil Corporation has signed its first annual deal to buy US oil, paying about $1.5 billion for 60,000 barrels a day in the year to March 2020.  IOC, India’s largest refiner, is the first Indian state refiner to buy US oil under an annual contract in a deal that will help boost trade.India has for a while been the leading destination for Nigeria’s oil and IOC has been one of the biggest Indian companies buying Nigerian crude. IOC buys some eight million tons a year of Nigerian crude, most from spot markets where prices are extremely volatile. In 2016 Oil Minister said Nigeria had agreed to increase the term contract. Recently India has started to look to diversify its crude supply sources. 

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