The first in a series of shipments of US crude oil to India arrived at Paradip Port of Odisha.
This is one of the first shipments to India since the United States stopped oil exports in 1975, and follows recent commitments to US oil purchases by Indian Oil Corporation (IOC) and Bharat Petroleum (BPCL). IOC and BPCL have placed orders for over 2 million barrels from the United States.
US crude oil shipments to India have the potential to boost bilateral trade by up to $2 billion.
Mary Kay Carlson, Charge 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 United States 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.”