NEW DELHI: Though the much-anticipated trade deal with the US is unlikely to be concluded during the February 24-25 visit of President Donald Trump India is expected to agree to buy additional oil and gas from the US to narrow the trade deficit US trade deficit with India declined to $17 billion in 2018-19 from $22 billion in 2016-17 as India started importing oil and gas from America in 2017. A deal between Tellurian Inc and Petronet LNG will focus on price of gas import. The US-India Strategic Energy Partnership will get a boost with Trump’s visit. India’s trade surplus with the US is minuscule compared to China’s, but Washington is keen to reduce gap.US oil companies have been producing record amounts of crude oil in the last five years. According to a report by the BP Statistical Review of World Energy 2019, the global production of crude oil in 2018 grew by a whopping 2.2 mbd (million barrels per day), which is more than double its historical average.

Source: Economic Times February 19, 2020 02:26 UTC