India's oil minister, Hardeep Puri, said India faced no US pressure to reduce Russian crude purchases. He said refiners choose suppliers according to prices, discounts and availability.India's oil minister Hardeep Puri India has faced no pressure from the United States to reduce its imports of Russian crude oil, Petroleum Minister Hardeep Singh Puri said on Tuesday, adding that refiners' purchasing decisions are driven largely by pricing and discounts available in the global market.“I never felt anything,” Puri said at an industry event when asked whether India had faced pressure from Washington to cut its purchases of Russian oil.The minister's remarks come as India adjusts its crude oil sourcing, with refiners increasing purchases from the Middle East and cutting back on Russian supplies amid stiff competition from China.
India's imports of Middle Eastern crude surged in September, returning to levels seen before Russia's invasion of Ukraine, ship-tracking data showed.Puri said the flow of crude from different regions depended on the availability of supplies and the prices offered by producers. Middle Eastern oil supplies to India have been rising as countries in the region are able to ship more cargoes, he added.
RUSSIAN OIL PURCHASES DRIVEN BY DISCOUNTSPuri said Russian crude accounted for just 0.2 per cent of India's oil imports before the Ukraine war. Purchases increased sharply after the conflict began, as Russian oil became available at discounted prices and offered Indian refiners an opportunity to reduce their costs.However, the pattern of imports has been changing as refiners compare the prices of Russian crude with those of other grades.
With Gulf suppliers offering competitive discounts and more Middle Eastern cargoes becoming available, Indian refiners have increased their purchases from the region and reduced their reliance on Russian supplies. The minister indicated that these shifts should be viewed in the context of commercial decisions rather than pressure from foreign governments.
Refiners weigh the price of each grade against the alternatives available in the market when deciding where to source crude.“Whatever people say or do, ultimately it is anchored in their self-interest,” Puri said.India is among the world's major crude oil importers and relies heavily on overseas supplies to meet its energy needs. Changes in the price and availability of crude from Russia and the Middle East can therefore influence how Indian refiners distribute their purchases among suppliers.INDIA EXPANDING REFINING CAPACITYPuri also said India was expanding its refining capacity to meet domestic demand as well as its export commitments.The expansion is aimed at strengthening the country's ability to process crude oil and supply petroleum products to both Indian consumers and overseas markets.
Refining capacity is an important part of India's energy infrastructure, given its dependence on imported crude and its role as a major exporter of refined petroleum products.The minister's comments come as refiners continue to assess supplies from different regions based on price, availability and commercial considerations. The recent rise in Middle Eastern crude imports, alongside lower Russian purchases, reflects the changing balance in India's sourcing strategy.- Ends