India Signals Potential Shift Towards US Energy Imports Following Trump’s Announcement

India, one of the world’s largest importers of oil, has indicated it may increase purchases of American oil and gas following a recent announcement by US President Donald Trump to ramp up energy production.

According to Reuters, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri expressed optimism about the potential for expanded energy trade between India and the United States.

“There is a likelihood of increasing energy imports between India and the US We welcome the availability of more energy resources from the US in the global market,” Puri stated.

The announcement comes in the wake of President Trump’s declaration of a national energy emergency on January 20, during which he emphasized plans to bolster US strategic reserves and expand energy exports worldwide. In his inaugural address, Trump described American energy resources as “liquid gold” and outlined their role in strengthening the country’s economic position.

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India, which imports over 80% of its crude oil, has faced challenges due to fluctuating global oil prices and rising transportation costs. These pressures have been exacerbated by recent US sanctions targeting Russian oil exporters, tankers, and insurers. The sanctions aim to curtail Russia’s oil exports in response to the ongoing Russia’s war against Ukraine, which began in 2022.

In the past year, Russia became India’s largest supplier of discounted seaborne oil, accounting for more than a third of the country’s crude imports. This shift occurred after the European Union imposed sanctions on Russian oil and stopped its imports.

However, new US measures have restricted the shadow fleet of tankers transporting Russian oil, with approximately 500,000 metric tons of Russian oil products currently stalled at sea due to sanctions.

Despite the challenges, Russia’s oil exports reached an 11-month high in January 2025, even as the US expanded sanctions earlier this month against major Russian exporters and their shipping operations.

Earlier, India’s oil imports from Russia experienced a slight dip in June, while imports from the United States reached their highest level since February 2022. Despite the 3.7% monthly decline, Russian oil remained India’s largest source, followed by Iraq, Saudi Arabia, and the UAE, with the US now ranking fourth.