Puri Sees Chances of Higher US Oil Imports

THE US is currently producing around 13 million barrels of oil per day and is likely to add 1.4 million-1.5 million barrels a day into production in the short run.

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"With Trump in power, India can count on continued oil and gas supply to ensure its developmental needs since the US is a net exporter of fuels now. Between 2017 and 2024, the US became the fifth-largest liquefied natural gas (LNG) and crude oil supplier to India," Arunabha Ghosh, CEO of the Council on Energy, Environment and Water had said earlier.

Xavier Tang, market analyst at Vortexa said that the mainstream US crude supplies to India will likely remain unaffected under Trump's presidency, and US oil exports to India would still be driven by economics. However, the potential imposition of 25% tariffs on imports from Canada and Mexico can make Canadian heavy crude economically unattractive to Indian refiners.