Oil minister Pradhan discusses crude price volatility with US energy secretary Rick Perry
New Delhi: Oil minister Dharmendra Pradhan and US Secretary of Energy Rick Perrytoday discussed crude oil pricevolatility and US’ entry as a source for providing oil and gas to India over a telephone call.
“Minister Pradhan emphasised the impact of price volatility on Indian consumers. He also pointed to the important role that the US plays in bringing global price stability. US emergence as a source for oil and gas for India also figured during the call,” the oil ministry said in a statement. The two ministers reviewed the current status of four Working Groups created under the India-US Strategic Energy Partnership – oil and gas, power, energy efficiency, renewable energy and sustainable development — and agreed to hold the second meeting of bilateral partnership at an early date.
The India-US Strategic Energy Partnership was launched in April last year. India’s crude oil imports from US increased to 6.40 Million Tonne (MT) last fiscal year (2018-2019), as compared to 1.44 MT imported in 2017-2018. Also, Indian Oil Corporation (IOC), the state-owned fuel retailer this year signed two-term contracts for import of 4.6 MT of crude oil this fiscal.US’ economic sanctions on Iran and Venezuela, have made India search for alternative crude oil sources, ncluding the United States (US). Of the 227 MT of crude oil India imported last fiscal, close to 18 per cent came from Iran and Venezuela.