Sri Lanka is considering the inclusion of U.S. West Texas Intermediate (WTI) crude oil in its oil procurement tenders as part of a strategy to reduce the trade imbalance with the United States and push for relief from a 30% U.S. tariff on Sri Lankan exports, a senior official said.
Ceylon Petroleum Corporation (CPC) Managing Director Dr. Mayura Neththikumarage said discussions are underway to explore purchasing WTI crude to boost imports from the U.S., which could strengthen Sri Lanka’s negotiating position on trade concessions.
Discussions between Sri Lanka and the US continues following the decision by US President Donald Trump earlier this year to impose reciprocal tariffs on countries based on existing trade deficits. (Newswire)