US cannot ensure cheaper oil to India, says Wilbur Ross

The United States, which imposed sanctions against Iran and threatened sanctions on Asian buyers, including India, importing oil from the Persian Gulf nation, now says it will not and cannot ensure cheaper oil to India.

The US government will not ensure sale of its oil to India at cheaper rates as the commodity is controlled by private companies, US commerce secretary Wilbur Ross said on Monday.
“Oil is owned by private people so the government cannot force people to make concessionary prices,” Ross said, when asked if the United States is considering selling oil to India at a concessional rates to make for loss of Iranian barrels.
Ross, who is in India, leading a 100-member strong delegation of corporates as part of `Trade Winds Indo-Pacific Forum 2019’, meet finance minister Arun Jaitley and commerce and industry minister Suresh Prabhu to discuss outstanding trade issues and future prospects.
Top US companies from diverse sectors such as aviation and defence, energy, healthcare, digital services, automotive, consumer goods and agribusiness will be in India this week offering ``fair and reciprocal’’ business opportunities to their counterparts in the country.
Trade Winds Indo-Pacific features a three-day business forum in New Delhi, India, with additional trade mission stops in Ahmedabad, Chennai, Kolkata, Mumbai, Bengaluru, Hyderabad, and Bangladesh.
Representatives of US companies will meet directly with government leaders, market experts, and pre-vetted potential business partners, according to an official release of the US Embassy.
“Our goal at the US Department of Commerce is to use every available resource to ensure fair and reciprocal trade for US businesses selling their products and services all over the world,” said Ross. “Trade Winds is an important component of these efforts.”
The potential for growth in US-India trade is enormous given the size of our economies, said Kenneth Juster, US Ambassador to India. “Exports of US goods and services to India reached $58.9 billion in 2018. I look forward to hearing of future successes from the companies taking part in Trade Winds,” he said.