India ready to buy more oil from the US

VTV.vn - According to the Indian Ministry of Commerce, the country is buying US oil worth 12-13 billion USD and may buy another 14-15 billion USD.

Oil rig in Texas, USA. (Source: THX/TTXVN)

India may buy more oil from the United States, a move that could help narrow the trade imbalance and boost bilateral trade talks, a commerce ministry official said.

India is buying $12-$13 billion worth of US oil and may buy another $14-$15 billion, according to the Indian Commerce Ministry, as part of its efforts to narrow its trade surplus of more than $42 billion with the US, paving the way for a new trade deal between the two sides in November.

India is also currently negotiating with the US on a trade cooperation agreement package, with a total expected value of about 40 billion USD.

India's trade deficit widened to its highest in more than a year in September at $32.15 billion, but exports still rose 6.7% year-on-year.

After a brief period of tension, US-India trade negotiations have shown positive signs recently.

In another development, US President Donald Trump has just said that Indian Prime Minister Narendra Modi has pledged to stop buying Russian oil, but New Delhi has not commented on this issue.

Oil prices rose about 1% in Asia on October 16 following the news. At 1:55 p.m. on October 16, Vietnam time, Brent crude oil rose 56 cents, or 0.9%, to $62.47 a barrel, while U.S. West Texas Intermediate (WTI) crude oil rose 58 cents, or 1%, to $58.85 a barrel.

Source: https://vtv.vn/an-do-san-sang-mua-them-dau-cua-my-100251016152057416.htm