India's Strategic Oil Diversification Amid Global Turbulence

India has downplayed the threat of U.S. sanctions on countries purchasing Russian oil, expressing confidence in meeting energy needs through alternative sources. Oil Minister Hardeep Singh Puri emphasized diversification, with India importing oil from over 40 nations, including new markets like Guyana, Brazil, and Canada.

In the wake of Western nations boycotting Russian crude after Moscow's 2022 Ukraine invasion, India's refiners capitalized on offered discounts, shifting Russia from a marginal supplier to its largest crude source. Russia now meets 40% of India's oil demand, surpassing traditional Middle Eastern suppliers.

Energy infrastructure investments exceeding Rs 4 lakh crore over the past decade have strengthened India's capacity. Future plans include investing Rs 30–35 lakh crore, aiming for a transformative decade in energy development, all while consulting with stakeholders to increase ethanol blending rates.

(With inputs from agencies.)