India ready to increase purchases of US oil and gas after Trump's statements
Photo: US oil could replace Russian fuel in India (Getty Images)
India may increase purchases of US oil and gas following US President Donald Trump's announcement to maximize US oil and gas production, Indian Oil Minister Hardeep Singh Puri said.
“There is a possibility of more energy purchase between India and US. More US energy coming into the market is welcome.,” he said.
Puri said there is no shortage of oil on the market.
On January 20, Trump declared an energy emergency, promising to replenish strategic reserves and export American energy around the world.
In his inaugural speech after being sworn in, Trump called the US energy assets liquid gold that will help the United States become a rich country again.
Refineries in India, which imports more than 80% of its oil, have been hit hard by the sharp rise in global oil prices and transportation rates after Washington recently imposed sweeping new sanctions targeting Russian insurers, tankers, and oil producers.
The world's third-largest oil importer and consumer has become the largest buyer of Russian offshore oil at a discount after the European Union refused to buy it and imposed sanctions on Moscow following its 2022 invasion of Ukraine.
Last year, Russian oil accounted for more than a third of India's imports, but US sanctions are limiting supplies, forcing buyers to return to traditional sources in the Middle East.
After the full-scale Russian invasion of Ukraine began, India sharply increased its trade with Russia, in particular, by buying its oil, which generated revenue for the Kremlin's military machine.
