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.