As domestic retail oil prices continue to grab headlines for all the wrong reasons, the arrival of the first shipment of crude oil from the US at Odisha’s Pradip Port on Monday marks an end to the US’ oil export hiatus since 1975, and signals significant impact on India in terms of cost, its oil dependence as well as trade ties with the US. Crucially, it helps India undercut much of OPEC’s control on matters related to oil in our country, the third largest oil consumer in the world.
Although the impact of India diversifying its oil portfolio to the US will be visible over a period of time, its long-term benefits can be immense. Besides furthering ties with the US – the deal was finalised when Prime Minister Narendra Modi met US President Donald Trump at the White House in June this year – it provides India the leeway to cut its dependence from its biggest oil suppliers Iraq and Saudi Arabia, giving it a stronger foothold on geopolitical influences. Read More…
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