India's Oil Strategy: Diversifying Amid Russian Sanction Threats
India remains confident in securing oil from alternative sources despite the threat of US sanctions on purchasers of Russian oil. Oil Minister Hardeep Singh Puri emphasized India's diversification efforts, citing new suppliers and domestic exploration as key strategies to mitigate potential disruptions in Russian oil sourcing.
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India has downplayed fears of US sanctions on nations buying Russian oil, with Oil Minister Hardeep Singh Puri expressing confidence in sourcing oil from alternative countries. India's efforts to diversify its oil imports, primarily from the Middle East, have seen a notable shift towards Russia due to attractive discounts.
Following the West's distancing from Russian crude post-Ukraine invasion, Indian refiners capitalized on the opportunity, making Russia a major supplier, now accounting for 40% of its imports. However, should Russian oil supplies be affected, India is prepared to revert to pre-crisis sourcing strategies.
Minister Puri, speaking at the Urja Varta annual conference, highlighted the exploration of new domestic oil sites and partnerships with global entities like BP to ensure a steady oil supply. He remains optimistic, noting the current stability in oil prices and ongoing discussions on increasing ethanol blending.
(With inputs from agencies.)
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