Paradip/New Delhi: The first shipment of US crude oil to India arrived at the Paradip Port in Odisha today, as part of the two million barrels contracted by India to keep oil prices low and stable for the benefit of consumers.
The shipment follows recent commitments to US oil purchases by Indian Oil Corporation (IOC) and Bharat Petroleum (BPCL), both of which have placed orders for over 2 million barrels from the US. US crude oil shipments to India have the potential to boost bilateral trade by up to $2 billion.
The shipment at Paradip was met by US Consul General to Hyderabad, Katherine Hadda; Joint Secretary for International Cooperation from the Ministry for Petroleum and Natural Gas, Sunjay Sudhir; and Joint Secretary, Americas Division, from the Ministry of External Affairs, Munu Mahawar, said a US Embassy press release.
This is one of the first shipments to India since the United States stopped oil exports in 1975.
MaryKay Carlson, Chargé d'Affaires at the US Embassy in New Delhi said "This event marks a significant milestone in the growing partnership between the United States and India. The US and India are elevating our cooperation in the field of energy, including plans for cleaner fossil fuels, renewables, nuclear, and cutting edge storage and energy efficiency technologies. We look forward to working together on further sales of US crude and exploring opportunities to expand the role of natural gas in India."
During their June 26 meeting in Washington, President Donald Trump and Prime Minister Narendra Modi committed to expanding and elevating bilateral energy cooperation through a Strategic Energy Partnership. The leaders called for a rational approach that balances environment and climate policy, global economic development, and energy security needs.