Daily News - Thursday, 11 June 2026
India and US Target USD $500 Billion Bilateral Trade (CNBC TV18)
India and the United States have set a target of USD $500 billion (INR ₹48 lakh crore) in bilateral trade, with reduced tariffs for Indian exports, according to the Directorate General of Trade Remedies (DGTR). The proposed India-US Bilateral Trade Agreement (BTA) will provide India preferential access to the US market valued at over USD $34 trillion (INR ₹2,850 lakh crore), creating new opportunities in labour intensive sectors such as textiles and leather. DGTR officials emphasized that the agreement will also ease trade opportunities for young professionals in digital and advanced technology sectors, strengthening innovation-led cooperation. The announcement followed negotiations in New Delhi from June 2-4, 2026, reflecting a strategic effort to deepen economic ties amid global trade realignments. India currently has nine major free trade agreements (FTAs) covering 38 countries, collectively accounting for USD $212 billion (INR ₹17 lakh crore) in bilateral trade, signed between 2014 and 2026. The Commerce Ministry described this shift as moving away from an imbalance-dominated RCEP approach, toward a diversified FTA network, reinforcing India’s position in global trade partnerships.
India and UAE Expand Strategic Oil Reserves to 30 Million Barrels (Economic Times)
India and the United Arab Emirates (UAE) are advancing plans to expand India’s strategic petroleum reserves (SPRs) from 5.8 million barrels to 30 million barrels, following Prime Minister Narendra Modi’s visit to Abu Dhabi last month. India’s Ambassador to the UAE, Deepak Mittal, confirmed that the expansion will involve both existing caverns and new facilities, with joint investments and commercial participation. The Abu Dhabi National Oil Company (ADNOC) currently holds 5.86 million barrels at the Mangalore SPR and is exploring additional storage at Visakhapatnam and Chandikol on India’s east coast. India, which imports about 88% of its crude oil needs, is also considering storing crude at the UAE’s Fujairah hub, integrating it into India’s SPR framework. In parallel, both nations are developing a strategic gas reserve system, potentially using existing LPG caverns and building new LNG storage facilities, overseen by the Ministry of Petroleum & Natural Gas. Officials emphasized that these reserves will not only enhance India’s energy security but also provide flexibility to sell crude domestically or to third countries, reinforcing bilateral energy cooperation.
Oil India Targets Ultra Deepwater Exploration in Krishna-Godavari & Mahanadi Basins to Reduce Dependence on Imported Crude (News18)
State run Oil India Limited (OIL) is preparing to launch exploratory drilling operations in February 2027 across four offshore blocks awarded under the Open Acreage Licensing Policy (OALP)-IX round. The company has already drilled three exploratory wells in the Andaman and Nicobar basin and plans two more, building on its recent breakthroughs in one of India’s least explored hydrocarbon frontiers. OIL’s next major campaign will focus on ultra deepwater drilling in the Krishna Godavari and Mahanadi basins, beginning with a Mahanadi stratigraphic well in April 2027, aimed at assessing untapped formations. The Krishna-Godavari basin has historically delivered significant offshore gas discoveries, while the Mahanadi basin remains underexplored, making this programme strategically important for India’s energy security. To support operations, OIL has floated tenders for dedicated helicopter services to transport personnel and supplies to offshore rigs hundreds of nautical miles from shore. This twin track strategy frontier drilling in the Andaman Sea and ultra-deepwater exploration off the East Coast marks one of the most ambitious expansion phases by OIL, aligning with the government’s push to reduce dependence on imported crude and natural gas.
