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news details
Supply of crude from US is Modi's first major success
8/18/2017 10:07:12 PM
Signs of a major success for Prime Minister, Narendra Modi have emerged following deepening of ties between India and the US.In fact during the last week of June when Modi had visited the US and had detailed talks with the US President,Donald Trump,the basis for the new friendship was established. And in the context of growing conflict between India and China Beijing should try to understand the support India has been receiving from the US.Already the US has declared two dreaded terrorist organizations, including Hizbul Mujahideen, terror organization which means that Donald Trump is supporting India to the hilt. And in fact the export of crude by the US was a limited affair and it was during Modi's meeting with former US President,Barack Obama in 2015 that Washington had agreed to supply crude oil to India and Trump executed Obama's commitment. Trump was able to execute Obama.'s commitment only after Modi reminded him of the need for additional crude after the production cuts by the OPEC
With this crude supply from the US, 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 from U.S. to India has started," the Indian Embassy in Washington tweeted after the Indian Ambassador to the U.S., Navtej Sarna, handed over papers for the shipment to the Texas Governor Greg Abbott.The first lot of two million barrels costs $100 million, but given the volume being contemplated by the Indian companies, this new development is expected to boost the bilateral oil trade to $2 billion. India has described as a new vistas in India U.S cooperation. tweeted the Indian Embassy in Washington DC which also posted several pictures and a video of the event.Consignments of the American crude oil left the U.S. shores between August 6-14 and is likely to reach Paradip (Odisha) in the last week of September.
While the 40-year-old ban on export of American oil was lifted by the former U.S. President Barack Obama in December 2015, the real move started during the maiden meeting between Prime Minister Narendra Modi and U.S. President Donald Trump on June 26 when the two leaders agreed to deepen the engagement in the energy sector.
The supply of the US crude may help India in promoting the energy generation that could help in the growth of the Industrial sector.The supply may also reduce the existing oil prices which witnessed a new high after the production cuts by the OPEC.Apart from material gains,the supply of crude from the US could further deepen the relations between New Delhi and Washington.
With the promotion of cordial ties between the US and India the latter may be a gainer in the political sector because of the growing conflict between China and India and between New Delhi and Islamabad.It growth in the cordial ties in Indo-US relations may force China and Pakistan to think twice before they embark on some misadventure against India.
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