India is set to increase US oil purchases: Here's why
What's the story
India is gearing up to increase its imports of US oil and gas, in line with President Donald Trump's push to maximize American energy production. India's Oil Minister Hardeep Singh Puri confirmed the development during the SIAM's International Symposium for Thriving Eco-Energy in Mobility. The move comes amid global sanctions on Russia that have affected India's traditional oil import sources.
Trade expectations
Puri anticipates increased energy trade between India, US
Puri was optimistic about the possibility of increased energy trade between India and the US. He said, "If you were to ask me whether more American energy is going to come on to the market, my answer is yes." "If you say there is a potent possibility of more purchase of energy between India and the US, the answer is yes." The US already plays a major role in supplying oil and gas to India.
Supply dynamics
We will bring oil prices down: Trump
Trump has promised to use American energy resources to boost domestic manufacturing. He had said at his inauguration ceremony, "We have something that no other manufacturing nation will ever have: the largest amount of oil and gas of any country on Earth. And we are going to use it." "We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world."
Global standing
US's position as world's largest oil, natural gas producer
The US is the world's biggest oil and natural gas producer. It is also a top liquefied natural gas (LNG) exporter, with its supplies being instrumental in enabling Europe to replace much of Russian pipeline gas after the Ukraine war in 2022. President Trump has said he wants US oil and gas production to grow even more, saying, "We will be a rich nation again. And it is that liquid gold under our feet that will help to do it."