Energy Security Beyond Supply: Puri on India's Oil Strategy
Union Petroleum Minister Hardeep Puri has outlined India's approach to crude oil sourcing, saying the country is guided by its own interests. On Tuesday, he also said the United States is not currently pushing India to cut Russian oil imports.
Speaking at an event, Puri highlighted a strong rise in crude oil supplies from the Middle East. He said a large number of cargoes are able to exit the region.
According to the minister, India imported only 0.2 per cent of its crude from Russia before the Ukraine war. Imports from Russia grew rapidly after discounts were offered on Russian crude.
Ship tracking figures show that India's crude imports from the Middle East increased notably in September and have returned to pre-war levels. At the same time, refiners have reduced their purchases of Russian oil due to tough competition from China.
A report stated that Russian oil purchases hinge on the discount compared with other oil types and on prevailing prices. Russian oil imports have declined as refiners increasingly buy Gulf oil that is available at a discount.
Puri said that every decision is ultimately taken with its own advantage in view.
At the start of October, US President Donald Trump used 'national interest' provisions to remove new restrictions and duties on Russian energy exports. These had been introduced under a law passed the previous month. The move has provided relief to India from possible tariffs of up to 100 per cent.
In September, Puri had stated that India had managed supply chain disruptions linked to geopolitical crises effectively and had maintained its energy imports. He said this reflects the success of Prime Minister Narendra Modi's energy diplomacy.
Puri said energy security today means more than ensuring supply. It also involves keeping the country and its economy running smoothly through conflicts, difficult routes, price volatility and sudden interruptions.
He added that India is emerging as a major force in shaping the global energy landscape. The country is expected to account for nearly one-fourth of the total increase in global energy demand over the next two decades.