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India agrees to buy more US fossil fuels, combat aircraft, and ease tariffs after Modi-Trump meeting at the White House.

Modi hails Trump ‘mega-partnership’ as India pledges to buy more US oil and gas

India has agreed to buy more American fossil fuels and combat aircraft, and to ease tariffs on imported goods, after its prime minister Narendra Modi and US president Donald Trump met at the White House on Thursday. Learn more about how Modi hails Trump.

Mr Trump had repeatedly threatened to impose punitive tariffs against India if it did not make concessions to shrink the trade deficit between the two countries. Hours before the two leaders met, Mr Trump complained about the climate for American businesses in India and threatened tariffs against any country that puts high duties on US imports.

“Prime minister Modi recently announced the reductions to India’s unfair. Very strong tariffs that limit us access to the Indian market, very strongly,” Mr Trump said. “And really it’s a big problem I must say.”

At a joint news conference after their talks, both leaders spoke about their warm personal relations. This is while emphasizing their focus on their own national interests.

The Slogan

Mr Modi made several references to Mr Trump’s Maga slogan – “Make America Great Again”. At one point suggested he would adopt his own version: “It’s Make India Great Again – Miga.

“Maga plus Miga…[is a] mega-partnership for prosperity,” he added.

India’s foreign secretary said the two leaders agreed to work on a deal to resolve trade concerns. With a senior Trump administration official adding that a deal could be reached as soon as this year.

Delhi wants to double its trade. It is with Washington by 2030 and make the US its “number one supplier” for oil and gas, Mr Modi said.

Since the start of the Ukraine war in 2022, India has become the world’s biggest buyer of discounted Russian crude. This is with Moscow supplying nearly 40 per cent of its total imports. Also this is despite Western pressure to cut ties with Russia.

A shift toward more US oil and gas raises concerns about India’s own climate commitments. Mr Modi has often talked up his green credentials and committed the country to reaching net-zero emissions by 2070, with a focus on expanding renewables. Increasing fossil fuel imports from the US, the world’s largest producer of oil and gas, risks locking in carbon-heavy infrastructure.

Domestically, Mr Trump has vowed to “drill baby drill”, aiming to increase oil and gas production in the US, and has pulled the country out of the Paris Agreement.

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Source: Independent

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South Korea plans to boost U.S. oil and LNG imports amid Middle East tensions and Trump’s energy export policies.

South Korea considering buying more US oil and gas, industry minister says

South Korea is interested in importing more U.S. oil and gas to diversify energy sources and ensure stable supplies given tensions in the Middle East, the country’s industry minister Ahn Duk-geun said on Thursday.

The government may need to increase support for the purchase of non-Middle East oil, he told reporters in Seoul.

His comments come as U.S. President-elect Donald Trump, who takes office on Jan. 20, has vowed to impose tariffs of 10% on global imports into the U.S., and said the European Union should step up U.S. oil and gas imports or face tariffs on the bloc’s exports, including on goods such as cars and machinery.

In 2024, South Korea posted a record $55.7 billion trade surplus with the United States, up 25.4% from a year earlier.

South Korea was the world’s fourth-largest buyer of crude oil and the third-biggest liquefied natural gas (LNG) importer.

South Korea has deepened its reliance on crude oil imports from the Middle East, which accounted for 72% of total imports in 2023, up from 60% in 2021, according to the energy ministry.

For LNG, South Korea imported 47.2 million metric tons of the super-chilled fuel in 2024, of which 5.7 million metric tons were from the U.S., according to data from analytics firm Kpler.

Other LNG-importing countries such as Vietnam could also buy from the U.S. to ease its large trade surplus with the world’s top economy, said a senior Hanoi-based diplomat.

The U.S. is the world’s top LNG exporter.

Sources said that Trump plans to make it easier for some LNG producers to seek export permit renewals, while his pick to head the U.S. Energy Department told senators that his first priority is expanding domestic energy production, including LNG.

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Source: Natural Gas World

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US oil and gas production

US oil and gas production boom gets “surprising” endorsement from Biden’s top climate advisor

America’s oil and gas boom received an unexpected endorsement from John Podesta, the president’s top climate adviser, who praised the surge in domestic production as an economic benefit for the nation. This increase in production has positioned the United States as the world’s largest oil producer, with daily output nearly 50% higher than that of Saudi Arabia. Podesta emphasized that this growth has not only been advantageous for American consumers, but it has also bolstered national security. By enhancing the nation’s energy independence, the U.S. has been able to mitigate some of the geopolitical risks associated with foreign oil supplies, particularly in light of global tensions and rising energy demands.

Addressing the energy crisis

Furthermore, Podesta pointed to the significant role of U.S. gas production in addressing the energy crisis in Europe following Russia’s invasion of Ukraine, as American exports have effectively filled the supply gaps left by disrupted Russian sources. He noted that the increase in domestic crude output has contributed to a reduction in inflationary pressures, with current gas prices reflecting a 20% decrease compared to the previous year. These remarks align with the broader strategic messaging from Vice President Kamala Harris, who is actively promoting both increased oil production and the development of clean energy jobs.

The dual approach being employed by the administration is strategically designed to resonate with a wide array of voter bases, especially in regions abundant in natural resources such as Pennsylvania. This state, known for its significant reserves of natural gas, presents a unique landscape where economic interests and environmental concerns often intersect. By emphasizing policies that advocate for energy production and job creation in the fossil fuel sector, the administration seeks to win the support of workers and local communities that depend on these industries for their livelihoods. Simultaneously, the administration is committed to implementing initiatives that promote environmental sustainability, thereby ensuring that economic growth does not come at the expense of ecological integrity. This balancing act is crucial in fostering a sense of trust and collaboration among constituents who may have differing priorities regarding energy policy.

Understanding of the complexities of US oil and gas production

Moreover, this approach reflects an understanding of the complexities inherent in energy politics, particularly in a state like Pennsylvania, where the energy sector plays a pivotal role in the economy. By leveraging the advantages of gas production—such as job creation, energy independence, and regional economic stability—the administration can appeal to voters who prioritize immediate economic benefits. At the same time, by promoting renewable energy initiatives and stricter environmental regulations, it addresses the concerns of constituents who are increasingly aware of climate change and its implications. This comprehensive strategy not only aims to unite diverse political factions but also positions the administration as a forward-thinking leader capable of navigating the intricate dynamics of energy policy in a way that is both economically viable and environmentally responsible. Such a nuanced approach is essential for fostering long-term support and ensuring sustainable development in gas-rich regions.

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Source: World Oil

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U.S Oil and Gas Rig Count Jumps

U.S Oil and Gas Rig Count Jumps

The total number of active drilling U.S Oil and Gas rig count jumps rose substantially this week, bucking the recent downward trend, according to new data that Baker Hughes published on Friday.

The total rig count rose by 8 to 590 this week, compared to 641 rigs this same time last year.

The number of oil rigs rose by 5 this week after staying the same in the three weeks prior. Oil rigs now stand at 488—down by 27 compared to this time last year. The number of gas rigs rose by 3 this week to 97, a loss of 24 active gas rigs from this time last year. Miscellaneous rigs stayed the same at 5.

Meanwhile, U.S. crude oil production stayed the same for the week ending September 6, according to weekly estimates published by the Energy Information Administration (EIA). Current weekly oil production in the United States, according to the EIA, is just 100,000 from its all-time high.

Primary Vision’s Frac Spread Count, an estimate of the number of crews completing wells that are unfinished, fell again in the week ending September 6, from 222 to 220, adding onto the last four weeks of losses.

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Source: Oil Price

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