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India’s Oil Imports See Major Shift: Russia Accounts For Over A Third, Reveals Union Minister Puri
India’s Evolving Energy Strategy: Russia Now Supplies 35% of Crude Oil Imports. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, shed light on India’s changing energy landscape during the FIPI Oil and Gas Awards Ceremony. He revealed that Russia has emerged as the largest supplier of crude oil to India, contributing over 35% to the nation’s total imports. This marks a significant transformation from February 2022, when Russia’s share was a mere 0.2%.
Highlighting the factors driving this shift, Minister explained that India has been navigating global price dynamics and availability, strategically balancing long-term contracts with spot market purchases. He also noted that Russia’s top position is not static, as monthly variations occur. Additionally, the minister underlined India’s diversified energy partnerships, pointing out key suppliers like Saudi Arabia, the UAE, Iraq, Kuwait, and the United States. These partnerships reflect India’s pragmatic approach to energy security, driven by both geopolitical and market considerations.
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