Full Details on First Shipment of American Crude oil worth 100M
First shipment of American crude oil worth USD 100M to reach India next month
The first shipment of American crude oil worth approximately $100 million is all set to reach India next month.
The shipment of crude oil to India comes nearly two years after the then US President Barack Obama lifted the 40-year- old ban on its export.
During the meeting on June 26, India’s Prime Minister Narendra Modi and US President Donald J Trump agreed to deepen the commitment in the energy sector.
Soon, Indian corporations started purchasing crude from the United States. Two Indian oil giants, Indian Oil Corporation and Bharat Petroleum, placed orders for over four million barrels.
With this 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 the Organisation of the Petroleum Exporting Countries drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.
