Ahead of the reciprocal tariff deadline of April 2, the buzz around trade negotiations between India and the US has gained momentum. If a latest media report is to be believed , India is likely to offer a quote for crude import to the US as part of the bilateral trade deal. New Delhi may increase the quota of WTI crude and mark a fixed share of US oil import, a report said on Monday.
Citing a source, the report said that New Delhi wants to project a trade-friendly image and the oil import quota will help in it. Energy imports have become the critical point of negotiation between India and the US, the report added. Prior to the Russia-Ukraine war, the US used to be India’s third or fourth biggest importer of oil.
While the oil import quota is a latest development, the Narendra Modi government has been saying that it will increase the US oil imports. After the Modi-Trump meeting in Washington last month, the MEA had said that New Delhi will look to ramp up the American energy purchase.
At present, the US is India’s fifth biggest energy supplier accounting 4.53 percent of the total imports. Trump has been looking for narrowing the trade deficit with nations including India. Hefty tariffs are the major point of the strategy.
