India’s oil, gas purchase from US seen rising 42% to $10 billion in 2019-20

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.