India Eyes Energy Expansion Amid Trump's National Energy Measures

Union Minister Hardeep Singh Puri comments on the global energy landscape, emphasizing no shortage of oil and welcoming increased US oil production. Puri highlights potential India-Argentina energy collaboration, underscoring India's rising energy demand and exploring new partnerships to diversify its energy suppliers.

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, indicated on Monday that India is closely monitoring US President Donald Trump's recent energy-related declarations. Puri highlighted that the global market is witnessing a surge in energy supply, particularly from nations like Guyana, Suriname, and Canada, dismissing any notion of an oil shortage.

Addressing Trump's prospective plans to amplify US oil production, Puri remarked, "We are already purchasing $20 billion worth of oil from the US annually. Our supplier base has broadened from 27 to 39, accommodating the influx of more oil." Puri reaffirmed India's intent to increase energy transactions with the US, positively viewing potential collaborations.

Puri also addressed the easing of previous gas restrictions by the US administration, noting their temporary nature and emphasizing the abundance of global gas supplies. This is crucial for India, which is strategizing to elevate gas's role in its energy mix from 6% to 15% in the upcoming years. Concurrently, Puri is set to engage with Argentina's YPF for a Memorandum of Understanding, potentially boosting India's LNG supply chain, aligning with its expanding energy consumption.

(With inputs from agencies.)