Possibility of More US Energy Coming Into India? Union Minister Hardeep Singh Puri Answers

“There is a possibility of more US energy coming to India in the wake of the new administration under President Donald Trump announcing plans to maximize oil and gas production”, Union Minister Hardeep Singh Puri on Tuesday said. With Trump's arrival at White House, New Delhi is hopeful of more US energy coming to India.   During his swearing-in, Donald Trump vowed to extract more oil and energy, famously declaring "Drill, baby, drill." This statement implied his intention to boost oil extraction, exportation, and consumption. 

Oil Prices Dips

Oil prices further dropped on Tuesday as Donald Trump didn't impose new tariffs on oil. "If you were to ask me whether more American energy is going to come onto the market, my answer is yes. If you say there is a potent possibility of more purchase of energy between India and the US, the answer is yes," he said.

The number of India's oil suppliers has already gone up from 27 to 39 and "if more oil comes in, this is something that we welcome", Puri, the Minister for Petroleum and Natural Gas, told reporters on the sidelines of auto industry body SIAM's 3rd International Symposium for Thriving Eco-Energy in Mobility event.

For India, the world’s third-largest consumer of crude oil, which relies on imports for over 85% of its oil needs, a decline in oil prices would be beneficial. Additionally, with the US already being the fifth-largest supplier of crude oil to India, an increase in US oil exports coupled with lower prices could offer further benefits to the country.
Further, he added, "In the last three and half years, we have been in the market for whoever can supply."

Stating that New Delhi is "watching very carefully" the policies made so far by the new US administration under Trump, Puri said, "It is clear, as I have shared with you many times, that more and more energy is coming on the market. I think that's a given. I have said all along that if you look at what's happening in the global energy scene, there is no shortage of oil. That is also very clear."