India May Set Quota for Crude Imports from US

Share of WTI crude oil in the country's import basket likely to go up

- Rituraj Baruah & Dhirendra Kumar

Oil and gas imports are emerging as a standout factor in the ongoing bilateral trade talks between the US and India, as the latter races to cement a strategy before the reciprocal tariff deadline of April 2, laid down by US President Donald Trump.

To assuage Trump and the US, India plans to increase the share of West Texas Intermediate or WTI crude in the country's import basket, which could even entail setting a quota, three people aware of the developments said on condition of anonymity. WTI is the US benchmark for crude oil, while Brent crude is the benchmark for oil sourced from the North Sea area in Europe, largely produced by the UK and Norway.

"At present, the government's focus is on preventing the imposition of any reciprocal tariffs on Indian goods while positioning India as a trade-friendly nation in the global geopolitical landscape, particularly with the US," one of the persons mentioned above said.