News US Crude Oil Export To India Will Create Jobs

US Crude Oil Export To India Will Create Jobs

US Energy Secretary Rick Perry has said that export of American crude oil to India will create new jobs, brings economic stability and national security in both the countries. The first shipment of US crude was landed in Odisha. The shipment, loaded at Saint James, Louisiana and Freeport, Texas terminals last month, docked at Paradip port in Odisha on October 2.

US Crude Oil Export To India Will Create Jobs
Source: Initiate India

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Perry said: “This event represents the growing and important strategic energy partnership between the US and India, and I look forward to exploring new opportunities to expand the role of reliable, responsible, and efficient energy sources with our allies.”

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Moreover, in a blog post yesterday, the US State Department said increased Indian purchases of US crude oil are a direct outcome of the June visit of Modi to the White House during which the leaders committed to expanding and elevating bilateral energy cooperation through a Strategic Energy Partnership.

“We expect this first shipment of crude oil will be followed by much more as both the Indian Oil Corporation and Bharat Petroleum have placed orders for over 2 million barrels from the United States,” said Tom Vajda, Office Director for the India Desk in the South and Central Asia Bureau of the State Department.

US Crude Oil Export To India Will Create Jobs
Source: ETEnergy World

Vajda added: “Not only does this week’s shipment demonstrate the strength of the US-India bilateral relationship, but also how our relationship with India continues to benefit the American economy.”

India, the world’s third-largest oil importer, joins Asian countries like South Korea, Japan and China to buy US crude after production cuts by oil cartel OPEC drove up prices of Middle East heavy-sour crude, or grades with a high sulphur content.

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