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Indian Petroleum Minister Says Country Not Reliant on Russia for Oil

OIL

India isn’t overly dependent on anyone for oil — not even Russia, India’s Minister of Petroleum and Natural Gas said in an interview with CNBC.

  • Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: “Yes, there have been discounts. But there have been discounts coming from all over.”
  • “If there’s a 30% discount, the Russians are putting a ribbon around it and sending it to us free. That’s what it means,” Puri said.
  • Asked about diversification of imports, Puri said -“We’re diversified. We used to buy from 27 sources — today we are buying from 39 sources,”
  • On an earlier investor call today, India’s HPCL said Russia was making up to 23% of its oil needs but that number was constrained by its refining configuration unable to take more of Urals crude specification.
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