‘India’s over $3 bn oil & gas imports from US will bridge trade deficit’


‘India’s over $3 bn oil & gas imports from US will bridge trade deficit’

India has imported oil and gas worth over $3 billion from the United States (US) in 2018 which will help bring down the trade imbalance significantly, a senior government official has said.

The country, however, will continue to import oil from Iran and there is no correlation between India’s purchase from its Islamic neighbour and the US, the official added.

“It (gas and oil) is a completely new import on India’s part from the US and will directly result in bringing down America’s trade deficit with us. However, it doesn’t mean that we will stop importing from Iran,” the official told BusinessLine.

The US imposed trade sanctions against Iran earlier this year but allowed eight countries, including India, to import till the end of April 2019. Read More

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