India aims to deepen energy trade relations with US:Goyal

Union Commerce and Industry Minister Piyush Goyal has said that India is expected to further expand its energy trade with the United States in the coming years, underscoring the strengthening economic partnership between the two nations.“We expect to increase trade with the US on energy products in the years to come,” Goyal told participants at the US-India Strategic Partnership Forum in New York.

VIDEO | Commerce and Industry Minister Piyush Goyal, addressing an event in New York says, "We expect to increase trade with US on energy products in the years to come."

(Full video available on PTI Videos - https://t.co/n147TvrpG7) pic.twitter.com/jOuH1R1YCd

— Press Trust of India (@PTI_News) September 24, 2025

According to information,India’s imports of US crude oil have already risen sharply in 2025. Between January and June this year, crude shipments from the US to India increased by 51 percent, climbing from 0.18 million barrels per day (mb/d) in the same period last year to 0.271 mb/d. The rise was sharper in the April–June quarter, when imports recorded a year-on-year jump of 114 percent. In value terms, inflows more than doubled from $1.73 billion in Q1 FY25 to $3.7 billion in Q1 FY26. The upward trend continued into July, with volumes rising 23 percent over June, lifting the US share in India’s overall crude imports from 3 percent to 8 percent.Beyond crude oil, India’s purchases of American liquefied petroleum gas (LPG) and liquefied natural gas (LNG) have also seen a notable surge. LNG inflows nearly doubled in FY25, reaching $2.46 billion against $1.41 billion a year earlier. A long-term LNG agreement, potentially valued in the tens of billions of dollars, is also under discussion, according to officials.Sources familiar with energy sector planning indicated that Indian companies are preparing to ramp up crude imports from the US by as much as 150 percent in the current financial year.
Goyal also highlighted India’s contribution to the US and global economy, stressing the role of Indian engineers and graduates in driving innovation. His remarks came in the backdrop of new US visa laws that have unsettled parts of the American technology sector.“We provide huge amount of talent and innovation, for which Indian engineers and graduates are famous. That also provides us an opportunity to support corporations across the world, including in the US, with research, development and new ideas,” he said.
Turning to Europe, Goyal cautioned the European Union against implementing its carbon border adjustment mechanism (CBAM), describing it as “green protectionism” that could isolate the bloc and hurt its economy.“Everybody else around them would be trading, whereas that would cause inflation in their own economy. At the same time, the green protectionism is like a trap,” Goyal said.He added that rather than unilateral measures, the global community should prioritise securing resilient supplies of critical minerals and diversifying sources to ensure trade is not “weaponised.”

(Business Correspondent)