Hardeep Singh Puri, India's Minister for Petroleum and Natural Gas, has indicated that there are opportunities for increasing oil imports from the United States following Donald Trump's inauguration on January 21, 2025. The U.S. is aiming to ramp up its oil and gas production, with projections suggesting an additional 1.4 to 1.5 million barrels per day could be produced [e085071a].
In December 2024, India imported 44,633 barrels per day from the U.S., which marked a significant 78% decline from November. This decline has raised concerns as Russia accounted for 31% of India's total crude imports during the same period, highlighting India's heavy reliance on Russian oil [e085071a].
Puri's comments come in the context of a broader shift in U.S. energy policy under Trump, contrasting sharply with the Biden administration's focus on clean energy initiatives. The U.S. is currently the fifth-largest oil supplier to India, and the potential for increased imports could reshape the energy landscape for both nations [e085071a].
Moreover, Trump's tariffs on Canadian and Mexican imports may further influence crude economics for India, potentially making U.S. oil more attractive as a substitute [e085071a]. As global energy dynamics continue to evolve, India's strategy to diversify its oil sources could play a crucial role in its energy security and economic stability.