G20 Watch: Indian Oil Could Lubricate Trump-Modi Talks

Energy - Conventional 398 Energy - Crude Oil 271 G20 31 India 420 U.S. 4749

Indian Oil could replace 70% of its Iranian oil imports with those from Saudi Arabia and the U.S. with “more U.S. crude coming to the market in the second half of this year” according to company Chairman Sanjiv Singh. Indian Oil accounted for 25.3% of India’s oil imports in the 12 months to Mar. 31. Iran supplied 18.4% of Indian Oil’s imports, or $2.50 billion, while Saudi Arabia supplied $2.20 billion worth and the U.S. $587 million. Allocating half the 70% replacement of Iranian oil to the U.S. could therefore increase Indian Oil’s imports from there by 150%. That would provide a usefu...

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