Key Takeaways
- India has faced no pressure from the US to reduce Russian crude imports.
- Middle East oil supplies have increased, with India's imports returning to pre-war levels.
- Russian oil purchases are driven by discounts and competition from other grades.
Indian Oil Minister Hardeep Singh Puri has denied any pressure from the US to reduce India's Russian crude imports, stating, 'I never felt anything,' during an industry event on Tuesday.
Puri's statement comes in the wake of increased Middle East oil supplies, with data showing India's imports of Middle Eastern crude oil returning to pre-war levels in September.
Despite the rise in Middle Eastern imports, India's refiners have cut back on Russian oil purchases due to stiff competition from China, according to ship-tracking data.
The minister explained that the decision to purchase Russian oil is linked to the availability of discounts and pricing compared to other grades, adding that 'whatever people say or do, ultimately it is anchored in their self-interest.'
Puri also highlighted India's efforts to expand its refining capacity to meet local demand and export commitments, emphasizing the country's strategic approach to energy imports.
Middle East oil supplies have been on the rise, with the region able to ship out more cargoes, according to Puri.
The minister's comments come as India continues to navigate the complex landscape of global oil markets, balancing economic interests with geopolitical considerations.
I never felt anything
Hardeep Singh Puri, Indian Oil Minister
Whatever people say or do, ultimately it is anchored in their self-interest
Hardeep Singh Puri, Indian Oil Minister
