TNPSC Thervupettagam

US sends Crude Oil to India after 40 years of ban

August 18 , 2017 2497 days 1178 0
  • The first shipment of American crude oil is likely to reach India in the last week of September.
  • The 40-year-old ban on export of American oil to India was lifted by the then US President Barack Obama in December 2015
  • Maiden meeting between Prime Minister Narendra Modi and US President Donald Trump on June 26, the two leaders agreed to deepen the engagement in the energy sector.
  • Soon thereafter, State-run oil refining and marketing giants Indian Oil Corp and Bharat Petroleum Corp placed orders for over four million barrels
  • India, which is the world’s third-largest oil importer, joins the likes of other Asian nations South Korea, Japan and China
  • Consignments of American crude oil worth about $ 10 billion (Rs 636 crore) left the US shores between August 6-14 and is likely to reach Paradip (Odisha) in the last week of September.

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