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ENERGY: India Seeks To Boost US Oil & Gas Imports After Trump-Modi Meeting

ENERGY
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India seeks to boost US oil & gas imports after Trump-Modi meeting yesterday, in order to reduce the trade imbalance and avoid retaliatory tariffs. 

  • In the leaders’ joint statement, Modi and Trump vowed to lift energy trade, “to establish the United States as a leading supplier of crude oil and petroleum products and liquefied natural gas to India” and to enhance investments in hydrocarbon infrastructure, Bloomberg reports.
  • India purchased around $15bn in US energy output last year and expects that to rise to $25bn, according to India’s Foreign Secretary.
  • State-owned companies attending India Energy Week have said they would look to buy more US crude and LNG.
  • Trump also said at the joint press conference that the US would hopefully become India’s number one supplier of oil and gas.
  • India was the largest buyer of US crude in 2021, importing 406k b/d, according to Kpler data cited by Bloomberg. US oil exports to India fell to 221k b/d last year as processors turned to discounted Russian crude.
  • India has stated that cargoes from sanctioned entities would not be accept if they loaded after Jan. 10 and was reported earlier this week as missing 18-20 cargoes of Russian oil for March loadings. 
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India seeks to boost US oil & gas imports after Trump-Modi meeting yesterday, in order to reduce the trade imbalance and avoid retaliatory tariffs. 

  • In the leaders’ joint statement, Modi and Trump vowed to lift energy trade, “to establish the United States as a leading supplier of crude oil and petroleum products and liquefied natural gas to India” and to enhance investments in hydrocarbon infrastructure, Bloomberg reports.
  • India purchased around $15bn in US energy output last year and expects that to rise to $25bn, according to India’s Foreign Secretary.
  • State-owned companies attending India Energy Week have said they would look to buy more US crude and LNG.
  • Trump also said at the joint press conference that the US would hopefully become India’s number one supplier of oil and gas.
  • India was the largest buyer of US crude in 2021, importing 406k b/d, according to Kpler data cited by Bloomberg. US oil exports to India fell to 221k b/d last year as processors turned to discounted Russian crude.
  • India has stated that cargoes from sanctioned entities would not be accept if they loaded after Jan. 10 and was reported earlier this week as missing 18-20 cargoes of Russian oil for March loadings.