India’s oil, gas buy from US may rise 42% to $10 billion
NEW DELHI: India’s energy trade with the US is expected rise by more than 42% to $10 billion in the current financial year as the world’s third-largest oil consumer expands non-Opec energy sources to de-risk oil supplies from the instability of West Asian geopolitics.
“In 2018-19, (India’s) total import of crude oil, LNG (liquefied natural gas) and coking coal stood at $7.2 billion. In the current fiscal, this may go up to $10 billion… mounting geopolitical uncertainties, rising US production and India’s appetite for energy has created both the need and opportunity for the two countries to lift bilateral energy ties to a new level,” oil minister Dharmendra Pradhan said at the US-India Strategic Partnership Forum’s annual leadership summit.
The US had signed a strategic energy partnership agreement with India in 2016 envisaging supporting each other’s energy sectors and securing a major market for its LNG. Strengthening of energy ties with the US is part of New Delhi’s gameplan to reduce its overwhelming dependence on West Asian members of the Opec grouping, which account for 65% of oil imported by India.
