India is likely to increase its purchases of US gas and oil following Trump's announcement

After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil.

The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines of an event that there was a chance of a larger energy purchase between India & U.S.

The arrival of more U.S. Energy on the market will be welcomed.

Trump said on Monday that he will declare an energy emergency immediately, promising to replenish strategic reserves and export American oil around the globe.

Trump, in his first address following his inauguration, referred to U.S. oil and gas assets as "liquid" gold that would make the United States rich again.

After Washington imposed new, sweeping sanctions against Russian oil producers, insurers and tankers, Indian refiners have been hard hit by the recent spike in oil prices.

Puri stated that there is no shortage of oil on the market.

The No. The world's No.

The United States sanctions have tightened the supply of Russian oil, forcing India to turn back to Middle East suppliers. (Reporting and writing by Nidhi verma, Bengaluru; editing by Sonia Cheema & Bernadettebaum)

(source: Reuters)