Indian Prime Minister Narendra Modi will visit Houston for a rally today then meet with US President Donald Trump for
Indian Prime Minister Narendra Modi will visit Houston for a rally today then meet with US President Donald Trump for talks on Tuesday. The visit is aimed at strengthening bilateral trade and energy ties.
India is currently the third largest oil consumer after the US and China, and its energy consumption is expected to grow by 4.2% every year for the next two decades. With Washington looking to reduce Iran’s crude exports to zero—India relies on Iran for 10% of its oil imports—and diversify its own export market, there is considerable motivation for both countries to improve bilateral energy trade.
US crude supplies to India quadrupled to 6.4 million tonnes in the 2018-19 fiscal year. Improved ties in the energy sector would thus provide New Delhi a solution to its oil needs and give US a chance to reduce its $21.3 billion trade deficit with India.
Modi will meet with CEOs of 16 major oil giants alongside the rally to invite energy investments in India. When the two leaders meet on Tuesday, they are likely to announce a $2.5 billion LNG investment deal on the Louisiana Driftwood project between American Tellurian Inc. and Indian Petronet.