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Love for discounts moves India closer to US crude market

India is getting US crude oil cheaper by at least $2/bl compared to OPEC countries

Shine Jacob  |  New Delhi 

With Petroleum Minister Dharmendra Pradhan talking about alternative energy sources with competitive prices, Indian companies have already started tilting towards the US spot market. According to sources, orders worth $600 million have already been placed by Indian companies in the US so far and that figure is likely to increase by nearly $2 billion in the near future.  This is also seen as an effort by the government to meet the long-standing demands of the Trump administration to reduce the trade deficit of the US with India. India's exports to the US stand at ...

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First Published: Sat, October 14 2017. 01:35 IST
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