Economy

First shipment of United States crude lands in India

First shipment of United States crude lands in India”

In a move of diplomatic and economic significance, India on Monday received its first crude oil cargo of 1.6 million barrels from the USA at the Paradip Port, Odisha.

"It's a new chapter in the history of Indo-US trade, and for the oil and gas sector in both the countries", International Olympic Committee tweeted. According to the company, it received the shipment at Paradip port in Odisha.

The move will give India's Oil Minister Dharmendra Pradhan more leverage seeking a discount from the OPEC.

While the U.S. crude oil shipments to India have the potential to boost bilateral trade by up to $2 billion, this is one of the first shipments to India since the United States stopped oil exports in 1975. The idea was to stop domestic producers from getting their crude oil out of the country to boost domestic supply and keep domestic prices down. The IOC deal cames within weeks of Prime Minister Narendra Modi's June-end visit to the United States when President Donald Trump talked of his country looking to export more energy products to India.

The arrival of the crude is hailed as "a significant milestone in the growing partnership" between the USA and India.

IOCL, which became the first Indian public sector refiner to source US crude, has placed a cumulative order of 3.9 million barrels from the US.Indian companies, both public and private, have made sizeable investments in US Shale assets with a total investment of approximate Dollars 5 billion. "We look forward to working together on further sales of USA crude and exploring opportunities to expand the role of natural gas in India".

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. It will help India diversify its source for crude as well as provide some advantage while negotiating with the West Asian countries for hydrocarbons.

Since the meeting of Prime Minister Narendra Modi and President Donald Trump on June 26 in Washington, the two leaders agreed to expand and elevate bilateral energy trade and cooperation through a tactical partnership which is arranged to develop further as India looks to enhance the use of natural gas and expand its infrastructure for Piped Natural Gas (PNG) and Liquefied Natural Gas (LNG) used for cooking.

The second shipment will most likely happen after nine months. Senior Officials from the Ministry of External Affairs and Indian Oil were also present at the port. Officials here said the U.S. crude supply will help India to keep oil prices low and stable to benefit consumers.



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