Indian Oil Corp, the biggest refiner in India, has purchased a total of 6 million barrels of U.S. crude oil for delivery between November and January, as it has started to look for a replacement of Iranian oil cargoes ahead of the U.S. sanctions on Iran’s oil exports returning in early November. The 6-million-barrel purchase was the first time that Indian Oil Corp (IOC)—which was the first Indian refiner to buy U.S. oil last summer—has bought U.S. crude oil through a mini-term tender, the Indian company’s Director of Finance A.K. Sharma told Reuters on Wednesday. IOC is buying 2 million barrels of U.S. Mars for November delivery, one million barrels of Mars and Eagle Ford each in a combination cargo for December delivery, and 2 million barrels of Louisiana Light Sweet (LLS) to be delivered in January next year, Sharma said. Ahead of the return of the U.S. sanctions […]