Skip to the content
- India is set to import more crude oil from Nigeria, already one of the biggest contributors to the country’s oil imports.
- Nigeria has now agreed to increase the term contract from 1.7 million tonnes(MT) per annum to 3 MT in 2016.
- The benefit of a term-contract is that it ensures quantity as well as a stable price.
- Nigeria is the 3rd-largest contributor to India’s oil imports, behind Saudi Arabia and Iraq.
- Sudan has offered more oil blocks for exploration and asked for Indian companies’ expertise to raise production from existing fields.