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Indian Oil Corp Buys Crude Oil from Suncor

Calgary-based Suncor Energy has sold a cargo of light sweet Hibernia crude oil to New Delhi, India-based Indian Oil Corporation (IOC). The oil was produced in the offshore Hibernia oil field, near Newfoundland & Labrador. This is the first time Suncor has sold a cargo of offshore Canadian crude to IOC, although the sale price has not been confirmed. A decision by the Organization of the Petroleum Exporting Countries (OPEC) to cut output has allowed oil from the Americas and Europe to be shipped to Asia at competitive prices.

Information summarized from: 
Reuters

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