India boosts US crude oil buys as Russia imports dip | Business News

India is significantly increasing its crude oil imports from the United States, marking a notable shift in its energy procurement strategy. Between April and December, the country witnessed a staggering 65.6% rise in petroleum crude purchases from the US, amounting to $8.2 billion. This surge underscores India's strategic pivot as it diversifies its energy sources amid fluctuating global markets and geopolitical tensions. This shift comes against the backdrop of declining imports from Russia, a traditional energy partner for India. As global dynamics evolve, India appears to be recalibrating its import strategies, possibly to secure more stable and reliable energy supplies. This move also aligns with broader international trends where countries are seeking to balance their energy portfolios by engaging with multiple suppliers. The increased US imports could also have broader economic implications, potentially strengthening Indo-US trade relations. For the US, this development represents a significant opportunity to expand its footprint in one of the world's largest energy markets. Meanwhile, India benefits from diversifying its import sources, which can help mitigate risks associated with over-reliance on any single country.

— Authored by Next24 Live