The United States is competing with OPEC for the oil quota of India

India's largest oil refiner has signed an annual agreement with Washington for the purchase of 60,000 tonnes of oil a day. India is the world's third largest consumer of crude oil and imports most of its oil from OPEC.

The company has signed its first annual US $ 1.5 billion oil purchase agreement by March 2020 to diversify oil sources, Indian President announced Monday. Petroleum Corporation, Changiv Singh.

It has become the first state-owned refinery in India to purchase US oil as part of an annual contract that will boost trade between New Delhi and Washington.

The Indian Oil Corporation buys 75% of its oil requirements on long-term contracts, most of which are with OPEC countries.

Last October, Indian imports of black gold reached a record level of 21.02 million tonnes in seven years.

Source: Reuters