Energy trade with the US is likely to jump over 40 per cent to $10 billion in 2019-20 as India seeks to move away from its traditional suppliers in West Asia. The diversification also helped India tide itself over the price rise fears in the aftermath of the attacks on a Saudi Aramco facility. “In 2018-19, the total import of crude oil, LNG and cooking coal stood at $7.2 billion. In current financial year 2019-20, this may go up to $10 billion,” oil minister Dharmendra Pradhan said at the US-India Strategic Partnership Forum’s Annual Leadership Summit here. In the last one year, the import of US crude oil has doubled and New Delhi is now closing on the biggest long-term LNG import deal.

Source: The Telegraph October 21, 2019 19:07 UTC