India is the world’s third-largest consumer of crude oil and depends on imports to meet around 88 per cent of its requirement of the commodity.

The United States and Pakistan say they have reached a trade agreement that is expected to allow Washington to help develop Pakistan’s largely untapped oil reserves and lower tariffs for the South Asi

Pakistan on Friday announced that the US has imposed a 19 per cent tariff on its exports and termed the step as a “balanced and forward-looking” move that enhances the country’s competitiveness in the American market.