“India is likely to increase its purchases of American oil and gas after US President Donald Trump announced his intention to maximize production of these resources.”, — write: epravda.com.ua
India is likely to increase its purchases of American oil and gas after US President Donald Trump announced his intention to maximize production of these resources. This is reported by the Reuters agency. “The possibility of increased energy purchases between India and the US is quite real,” Indian Oil Minister Hardeep Singh Puri said. “The increase in US energy supplies to the market is positive news.” On Monday, Trump said he would immediately declare an energy emergency and vow to replenish strategic reserves and export American energy around the world. During his inaugural address, Trump called US energy assets “liquid gold” that will help the country become rich again.Advertisement: Indian refiners, which import more than 80% of their oil, have been hit hard by rising global oil prices and freight rates since , as Washington introduced tough new sanctions against Russian insurance companies, tankers and oil producers. Puri noted that there is no shortage of oil on the market. India, which is the world’s third-largest oil importer and consumer, last year became the largest buyer of Russian seaborne oil. This comes after the European Union halted purchases and imposed sanctions against Moscow over its 2022 invasion of Ukraine. Russian oil accounted for more than a third of India’s imports last year, but tightening U.S. sanctions have cut supplies, forcing India to turn to traditional sources in the Middle East.Advertisement: Also read: Trump plans to crash oil prices. How realistic is it and how will it affect Russia? We will remind: US President Donald Trump repeated his call to the European Union to buy more American oil and gas if the EU wants to avoid new tariffs.