Indian Oil Corp (IOC) has purchased its first consignment of Ecuador’s Oriente crude through tender for delivery at the end of March.Image Credit source: ChatGPT
The ban on Russian oil, the increasing tension with Iran and then the seizure of Venezuelan oil, in the last few weeks the US President has tried hard to take control of the global crude oil supply. In this effort, India has had to make many changes in its planning to get cheap oil. At the same time, efforts have been made to reduce our dependence on one or a few countries. This is the reason why India has currently made deals with more than 50 countries regarding crude oil. Information about which was once given by the country’s Petroleum Minister himself. Due to geopolitical tension, an increase in the prices of crude oil has also been seen.
Now India has taken oil from a country whose size is smaller than Maharashtra. This supply is not small. According to Reuters report, India’s government company has purchased 2 million barrels of crude oil from this small country. It is estimated that more crude oil can be purchased from this country in the coming months. Now the biggest question is that which is the country whose size is less than Maharashtra. Let us also tell you which country is this? Also, the deal has been made with which government oil company of India?
Deal made with this country
Indian Oil Corp (IOC) has bought its first consignment of Ecuador’s Oriente crude through tender for delivery in late March, according to two trade sources quoted by Reuters report. The country’s top refiner company is expanding oil sources to partially compensate for Russian oil. Russian oil imports are being disrupted due to US and European Union sanctions on Russian producers and ships, forcing Indian refiners to look for alternative supplies. The reduction in Russian oil imports will also help New Delhi in its negotiations for a trade deal with Washington.
bought so much oil
The sources said IOC has bought 2 million barrels of medium-heavy sour Oriente oil, but did not provide details about the price and seller. IOC has not yet issued any statement in this regard. The refiner meets most of its oil needs by importing from Russia and the Middle East and buys very little South American crude, although it has alternative purchase contracts with Mexico, Brazil and Colombia. Last month, IOC purchased 2 million barrels of Colombian Castilla crude.
The country is smaller than Maharashtra
The special thing is that the size of Ecuador is smaller than India’s economic capital Maharashtra. According to the report, Ecuador is a country in South America. Whose size is 283,561 square kilometers. Whereas the area of Maharashtra is 308,000 square kilometers. At present the population of Maharashtra is around 14 crores. The matter is closer to 1.8 crores. This means that the population of Maharashtra is 7 times more than that of Ecuador. At the same time, the total GDP of Ecuador is 130.5 billion dollars. If we talk about Maharashtra, the state’s GDP is estimated to be 580 billion dollars in the financial year 2026. This means that on the GDP front, Ecuador is 4.5 times bigger than Maharashtra.