India-US Energy Trade Set to Skyrocket to USD 500 Billion: Petroleum Minister

India's Petroleum Minister Hardeep Singh Puri announced that the US is now India's sixth largest energy trade partner. The bilateral trade in hydrocarbons has grown significantly, reaching USD 13.6 billion in 2023-24. He highlights the potential for total trade to hit USD 500 billion, emphasizing the importance of sustainable energy initiatives.

The United States has emerged as India's sixth-largest energy trade partner, with bilateral trade in hydrocarbons touching USD 13.6 billion in 2023-24, nearly double from 2018-19, according to Petroleum Minister Hardeep Singh Puri.

Speaking at a roundtable held alongside the Gastech 2024 global energy conference, Puri expressed confidence that the growing momentum could propel total bilateral trade to soar from USD 200 billion to over USD 500 billion.

Puri's visit also included discussions with industry leaders and officials from the US-India Business Council and the US-India Strategic Partnership Forum, focusing on sustainable energy practices, innovative biofuels, and advanced technologies in hydrogen and geothermal energy.

(With inputs from agencies.)