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International relations

India buys oil from US amid sanctions on Iran and Venezuela

New Delhi wants to diversify import sources

NEW DELHI - India is seeking to diversify its oil import sources amid tough U.S. sanctions on Iran and Venezuela, two key members of the Organization of the Petroleum Exporting Countries that provides the bulk of its crude needs.

On Monday, state-run Indian Oil Corp., the country's largest refiner and fuel retailer, announced the signing of an annual contract for the purchase of U.S. crude under which it will import three million tons of oil worth about $1.5 billion in the fiscal year beginning April.

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