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India to Maintain it's Reliance on Middle Eastern Oil Rather than Russia

OIL

India will mainly rely on the Gulf for oil supplies according to its oil minister after it began pulling in greater volumes of Russian oil since February.

  • India's imports from Russian oil rose by 4.7 times, or more than 400,000 barrels per day, in April-May, but fell in July.
  • "As far as India is concerned, I see for the foreseeable future much of our crude oil supplies will be coming from Saudi Arabia, Iraq, Abu Dhabi, Kuwait, among others," Hardeep Singh Puri said.
  • On buying Russian oil Puri said "We started to buy a little more, but we still buy a fraction of what Europe buys from Russia. A democratically elected government like what we have in India will make sure that the consumers are provided with energy on a secure basis, but also on an affordable base,".
  • "When prices are high, the logistical factors are applied. We have a duty to our consumers." he added.
Energy BulletsCommodities
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