Sri Lanka to procure US West Texas Intermediate crude oil?
- CNL Reporter
- July 22, 2025
- News, Political
- crude oil
- 0 Comments
The government is reportedly looking at the possibility of procuring US West Texas Intermediate (WTI) crude oil in a bid to reduce the trade deficit between Sri Lanka and the United States.
Following the decision by US President Donald Trump to impose reciprocal tariffs based on trade deficit between the US and other trading partners, several countries including Sri Lanka have been engaging with the Office of the United States Trade Representative to strike deals to reduce the tariff rates.
Accordingly, Sri Lanka also held several rounds of discussions.Although US President Trump announced a tariff rate of 44% in April for Sri Lankan exports, it has now been reduced to 30%, effective August 1.
Local officials are continuing to hold discussions in a bid to reduce the tariff rate further, according to government sources.Accordingly, Managing Director of the Ceylon Petroleum Corporation Dr. Mayura Neththikumarage noted that discussions are currently being held to include US West Texas Intermediate crude oil in the tender process when procuring oil.
