The first shipment of American crude oil is likely to reach India in the last week of September, opening new vistas in the Indo-US ties.
With this India, the world’s third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy American crude after production cuts by OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
“New breakthroughs! oil shipments frm US to India has started,” the Indian Embassy in Washington tweeted yesterday after Indian Ambassador to the US, Navtej Sarna, handed over papers for the shipment to the Texas Governor Greg Abbott. Read More…
Credit By : The Economics Times
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