India faces no US pressure to cut Russian oil imports, says minister
by@Reuters
Summary
During an industry event in Goa, Indian oil minister Hardeep Singh Puri stated that India has not faced any pressure from the United States to reduce its imports of Russian crude oil. Puri noted that prior to the Ukraine war, India sourced only 0.2% of its oil imports from Russia, but this has increased significantly due to discounts on Russian oil. He highlighted that Indian refiners are now purchasing more Middle Eastern oil, which has returned to pre-war import levels, as these sources offer more favorable pricing compared to Russian crude. Furthermore, Puri mentioned that India is expanding its refining capacity to meet growing domestic demand and fulfill export commitments.
Analysis
India: India is a major South Asian economy and one of the world's largest importers of crude oil. Its oil minister stated that the country has faced no pressure from the United States to reduce Russian crude imports, with decisions guided by discounts and self-interest. The minister also highlighted rising Middle East supplies and ongoing expansion of domestic refining capacity. Hardeep Singh Puri: Hardeep Singh Puri is India's Minister of Petroleum and Natural Gas. He spoke at an industry event in Goa, confirming that India has not experienced any US pressure to cut Russian oil imports. Puri emphasized that import choices remain tied to pricing and that the country is increasing refining capacity to support local demand and exports. Supply Sources: Middle East oil supplies have been rising with more cargoes available for shipment to buyers like India. Refining Expansion: India is actively expanding its refining capacity to meet both domestic demand and export commitments. Oil Import Strategy: Indian refiners adjust purchases of Russian crude based on available discounts relative to other grades, including Gulf oil.
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macropolitics