Fixed quota of US oil imports on cards as govt gears for trade pact negotiations

News Snapshot:

New Delhi: Oil and gas imports are emerging as a key factor in the ongoing bilateral trade talks between the US and India, as the latter races to cement a strategy before the reciprocal tariff deadline of 2 April laid down by US President Donald Trump. To assuage Trump and the US, India plans to increase the share of Western Texas Intermediate or WTI crude in the country’s import basket, which could even entail setting of a quota, three people aware of the developments said on condition of anonymity. WTI is the US benchmark for crude oil, while Brent crude...