India is poised to boost its imports of U.S. oil and gas following U.S. President Donald Trump’s commitment to maximizing domestic energy production.
India Welcomes U.S. Energy Supply
Hardeep Singh Puri, oil and gas minister, indicated a potential rise in energy trade between the two nations
He stated, “There is a possibility of more energy purchase between India and the U.S. More U.S. energy coming into the market is welcome”.
Push for Global Energy Dominance
President Trump recently declared a national energy emergency, pledging to fill up strategic reserves and export U.S. energy globally.
Trump highlighted the value of U.S. energy resources, calling them ‘liquid gold’ and asserting they would help restore the U.S. to wealth.
Challenges Faced by Indian Refiners
Rising global oil prices and soaring shipping costs have significantly impacted India, which imports over 80% of its oil.
These challenges have intensified due to recent U.S. sanctions targeting Russian oil producers, tankers, and insurers.
Shift in Indian Oil Imports
As the third-largest oil importer and consumer globally, India has increasingly turned to Russian oil in recent years.
Following the European Union’s sanctions on Russia after its invasion of Ukraine in 2022, India became the largest buyer of discounted Russian seaborne oil.
As reported by msn.com, despite this, U.S. sanctions have strained the availability of Russian oil, leading India to return to traditional Middle Eastern suppliers.
