India's new oil-supply strategy
The first shipment of US crude to the country signals a new era in US-Indian relations. It also sends a clear message to Opec that the world's third-largest consumer has other supply options
The arrival of the New Prosperity tanker into Paradip Port, in Odisha on India's east coast, at the beginning of October was a landmark moment for US-Indian bilateral relations. The 1.6m-barrel-cargo—bought by state-run Indian Oil Corporation—was the first shipment of US crude to arrive on India's shores. The 2m-barrel capacity MT New Prosperity—which left the US Gulf Coast on 19 August and arrived at Paradip Port on 2 October, was to be processed at Indian Oil Corporation's east coast base refineries at Paradip, Haldia, Barauni and Bongaigaon. The shipment is just the start of a two-pronged strategy by Indian firms to improve energy security as the country's demand increases while bargainin
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