‘Expect To Increase Trade’: Union Minister Piyush Goyal On India’s US Energy Imports

Union Minister of Commerce and Industry Piyush Goyal delivers the keynote address at an event titled ‘Energy Security in a Shifting Global Landscape: Building Resilient Energy Markets Across Borders’, in New York, US. (IMAGE: PTI)

Union Commerce and Industry Minister Piyush Goyal said that India is expected to increase energy trade with New Delhi while addressing an event in New York. The minister also pointed out that India powers US’ growth story by providing “huge amount of talent and innovation”.

“We expect to increase trade with US on energy products in the years to come,” Goyal told the those attending the US-India Strategic Partnership Forum in New York.

Data shows that India’s imports of US crude oil have already increased sharply in 2025. Between April-June, US crude shipments to India jumped by ~114% year-on-year. Indian companies are reportedly planning even larger increases in US oil imports, according to a report by Business Today.

Between January and June 2025, India’s crude imports from the United States rose by 51 percent, climbing from 0.18 million barrels per day (mb/d) in the same period last year to 0.271 mb/d, the outlet said, citing government data.

The rise was sharper in the April–June 2025 quarter, when imports from the US recorded a year-on-year jump of 114 percent. In value terms, the inflow more than doubled, moving from $1.73 billion in the first quarter of FY25 to $3.7 billion in the same period of FY26. The trend carried into July as well, with volumes rising 23 percent over June, lifting the US share in India’s overall crude imports from 3 percent to 8 percent, the Business Today report said.

Beyond crude oil, India’s purchases of American liquefied petroleum gas (LPG) and liquefied natural gas (LNG) have also climbed sharply. LNG inflows nearly doubled in FY25, touching $2.46 billion against $1.41 billion in FY24. According their report, a long-term LNG agreement, potentially valued in the tens of billions of dollars, is currently under discussion.

A Years report from earlier this year said citing sources that Indian companies would increase their crude oil import by 150% in the financial year (2025–26).

Goyal also highlighted that India powers growth plans to the US and the world through its engineers and graduates. The remarks came shortly after the US administration under President Donald Trump introduced new H-1B visa laws that appeared to cause instability in US’ tech sector that heavily relies on Indian, Chinese and Korean talent.

“We provide huge amount of talent and innovation, for which Indian engineers and graduates are famous. That also provides us an opportunity to provide solutions for corporations across the world including in the US to support their growth plans, to focus on new research and development and new ideas,” Goyal said.