There is a possibility of more US energy coming to India following the new administration under President Donald Trump announcing plans to maximise oil and gas production, Union Minister Hardeep Singh Puri said on Tuesday.
India's oil suppliers have already increased from 27 to 39, and "if more oil comes in, this is something that we welcome," Puri, the Minister for Petroleum and Natural Gas, told reporters on the sidelines of the 3rd International Symposium for Thriving Eco-Energy in Mobility event, organised by the auto industry body SIAM.
He was responding to a query about new US President Donald Trump's steps to boost oil drilling and gas production.
"If you were to ask me whether more American energy is going to come onto the market, my answer is yes. If you say there is a potent possibility of more energy trade between India and the US, the answer is yes," he said.
Puri further stated, "In the last three and a half years, we have been in the market for whoever can supply." He cited Brazil as an example, where he had sought the country's assistance for India's seismic surveys and offshore activities. He also mentioned that the head of Argentina's national oil company, YPF, would be meeting him for further cooperation.
Stating that the Indian government is "watching very carefully" the announcements made so far by the new US administration under Trump, Puri said, "It is clear, as I have shared with you many times, that more and more energy is coming onto the market. I think that's a given. I have said all along that if you look at what's happening in the global energy scene, there is no shortage of oil. That is also very clear."
The minister highlighted that more oil is coming from the US, Brazil, Guyana, Suriname, and Canada in the western hemisphere, while also hinting at a potential drop in prices.
"So there is no shortage of oil. What that means is how much oil is available in the marketplace. I have been on record with you many times; I see oil prices reacting to that availability," Puri said.
Asserting that some of the decisions taken by the Trump administration were anticipated and that there is a need to wait before reacting, the minister said, "Some decisions have been taken. Let them come in." However, Puri declined to comment on the new US government's decision to withdraw from the 2015 Paris climate agreement.
While addressing the event, the minister urged automakers to increase the availability of flex-fuel vehicles in the Indian market, stating that the country is set to achieve 20 per cent ethanol blending very soon, five years ahead of schedule, thanks to the ecosystem that has been established.
"The discussions that we have started on what we should do beyond 20 per cent (blending). Could we move beyond 20 per cent? That's also a question," he said, while questioning what kind of agricultural linkages and backward linkages would be required if India moved beyond 20 per cent ethanol blending.
Follow us
