The US has moved to #2 position in the importers list
There is a number of topics and themes that we cover in our discussions in the Daily Global Insights and Fireside chat programs under the PGurus platform. As it relates to India – we monitor the India–US corridor very closely, track, analyze and opine on matters.
India is the third-largest importer of crude. India imports close to 20 million tonnes of Crude annually. The volume varies predicated on demands.
One of the great deals worked out by Narendra Modi and Donald Trump at no additional transportation costs is crude – Trump negotiated this deal with India. It is highly commendable that the US today has risen from the #8/ #9 position to #2.
A combination of energy and defence deals has catapulted the US as the #1 trading partner of the United States with annual bilateral trade exceeding $150 billion-plus. At that point, both nations had agreed to develop this to $500 billion as India marches towards a $5 Trillion economy. Energy/ defence/ pharma/ technology/ telecommunications were to be the underpinning vehicles of this transformation.
It’s quite gratifying to note that the US has moved to the #2 position in the importers list.
The United States overtook Saudi Arabia as India’s second-biggest oil supplier last month, as refiners boosted cheaper US crude purchases to record levels to offset OPEC+ (Organization of the Petroleum Exporting Countries) supply cuts, data from trade sources showed.
The switch in supplies, triggered by lower US crude demand, coincided with Saudi Arabia’s voluntary extra 1 million BPD (barrels per day) output cut on top of an agreement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to maintain lower production.
India’s imports from the United States – the world’s top producer – rose 48% to a record 545,300 barrels per day (BPD) in February from the prior month, accounting for 14% of India’s overall imports last month, the data obtained by Reuters showed.
1. The views expressed here are those of the author and do not necessarily represent or reflect the views of PGurus.
 A trade deal for Donald Trump: India bends backwards to please the US – Jul 24, 2020, NH
 U.S. becomes India’s second-biggest oil supplier, Saudi plunges to No. 4 – Mar 15, 2021, Money Control
 India’s oil imports reach 3-year high in Dec 2020 at 5 million bpd – Jan 20, 2021, Business Today
 U.S. becomes India’s second biggest oil supplier, Saudi plunges to No. 4 – Mar 16, 2021, Reuters
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