India Oil is in negotiations to buy 7.1 million barrels of crude oil per year from American suppliers as part of a broader diversification strategy. U.S. exports to India reached 10 million barrels in the 12 months to April 30. While that was just 2% of total U.S. oil exports it will come as a welcome respite if China, 20% of the total, applies duties to U.S. exports. Indian Oil was the largest importer to India in the past year and accounted for 33% of the total. Suppliers who may lose out if it does diversify are led by those in Iraq and Angola.