India aims to diversify its import basket by increasing imports of shale gas, crude oil from US

India aims to diversify its import basket by increasing purchases of shale gas, LNG, and crude oil from the US, leveraging lower prices. Trade talks are scheduled amidst uncertainties like potential tariff hikes, with India prioritizing a balanced, mutually beneficial agreement.

Both nations are targeting to more than double bilateral trade to US$ 500 billion by 2030. India’s city gas distribution sector is set to become the top natural gas consumer, overtaking fertiliser plants. This growth is fueled by expanding CNG and piped gas networks. Natural gas consumption is projected to increase significantly in the coming years. However, India will rely on LNG imports to meet the rising demand.

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Source: HDFC Securities Prime Research