India has a vast territory, but it is a big oil importer. In bilateral trade, India buys high-priced American industrial products, and it is estimated that the development prospects are limited, and the prices of agricultural products are low, so the United States cannot reverse the deficit. Moreover, India is also a big exporter of agricultural products with limited import scope.

With a large population and rapid economic development, India is currently the third largest oil importer and consumer in the world. In 2020, despite the severe epidemic and various blockades, India's total oil consumption decreased by more than 10%, and finally reached 654.38+93.4 million tons.

The United States is now a net exporter of oil, and its net export volume will be 75 1 10,000 barrels per day in 2020. If calculated according to the price of $72.23/barrel of new york Crude Oil Exchange on September 22nd, the annual export volume just stabilized the deficit.

With the development of Indian economy, oil consumption is increasing. The United States can persuade Ukraine and Poland to import their own liquefied natural gas and reduce the import of cheap Russian oil and gas. Now the trade deficit between India and the United States is too large, which will be an important way for the United States to reduce the deficit.