Thursday, 17 August 2017

A New Landmark in India-USA Relationship

New vistas in the Indo-USA relationship will begin with the arrival of the first shipment of American crude oil to India by the end of September this year.

It is the first lot of two million barrels costing $100 million, is a part of expected bilateral oil trade to $2 billion.
India joins Asian countries like South Korea, Japan and China to buy American crude after production cuts by OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
The 40-year-old ban on export of American oil was lifted by the then U. S. President Barack Obama in December 2015, but the real move started during the meeting between Prime Minister Narendra Modi and U. S. President Donald Trump on June 26 when the two leaders agreed to deepen the engagement in the energy sector.
Indian oil companies, Indian Oil Corporation and Bharat Petroleum, the duo placed orders for over four million barrels to the US counterparts.
India is the world’s third-largest oil importer.

No comments:

Post a Comment