India-US trade deal may be nearing the finish line, but the story goes beyond tariffs on Indian exports.
As discussed in the video, a favourable deal could ease uncertainty for sectors such as textiles, gems & jewellery, seafood, leather and engineering goods, especially those with significant U.S. exposure.
But there’s another side to the India-US equation: crude oil.
India is increasingly diversifying its crude sourcing, with Venezuelan imports rising from virtually zero in March to around 383,000 barrels per day in August, according to Kpler data. U.S. and Venezuelan crude together accounted for roughly 11% of India’s crude imports during the period.
Russia, however, remains India’s largest crude supplier, with imports expected at around 2.1 million barrels per day in August.
That makes the proposed U.S. Russia sanctions bill another factor to watch. The bill, which has cleared the U.S. Senate, could allow tariffs of up to 100% on countries buying Russian energy, although it still awaits House consideration and any tariff would remain at the President’s discretion.
For India, the bigger game is about balancing trade, energy security, pricing and supply diversification.
How do you see India’s trade and crude sourcing strategy evolving from here?
Disclaimer: This content is shared for informational and educational purposes only and should not be considered investment advice.
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