A remarkable development is in the pipeline, as India – the world’s third largest consumer of crude oil – is poised to buy its first ever cargo from the United States, Indian officials confirmed to IBTimes UK on Wednesday (12 July).
Members of the Indian delegation to the 22nd World Petroleum Congress being (WPC) held in Istanbul, Turkey, said Bharat Petroleum Corporation Limited – a leading state-owned Indian refiner – is seeking at least 1 million barrels of US crude either for loading on 16 August – 5 September or delivery on 26 September – 15 October.
In December 2015, President Barack Obama signed legislation that ended a crude oil export ban dating back to 1975. While many imagined, few expected, such a geopolitically significant deal would arrive so soon after the embargo was ended.
India imports 80% of its oil requirements, and is largely dependent on Middle Eastern exporters but that balance looks set to alter.
“It’s a new chapter in the history of Indo-US trade, and for the oil and gas industries in both countries,” Dharmendra Pradhan, Minister of State for Petroleum and Natural Gas in India told IBTimes UK.
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