Russia Emerges as India’s Largest Supplier of Crude Oil

By A Staff Reporter

Delhi: Union Minister Hardeep Singh Puri announced that Russia has become India’s largest supplier of crude oil, with imports from the country now accounting for more than 35% of India’s total crude oil imports. Puri explained that the figures vary from month to month due to factors like price fluctuations and market dynamics.

"In February 2022, Russian crude oil imports made up just 0.2% of India's total, but since then, this percentage has steadily increased," Puri said. He added that while some countries have long-term agreements for oil supply, others, including India, buy on the spot market, which also impacts the volume imported.

Puri noted that in the broader global context, other major suppliers of crude oil to India include Saudi Arabia, the UAE, Iraq, Kuwait, and the United States. He emphasized that the global energy market continues to evolve with increasing energy supplies from various sources.

This shift in crude oil sourcing highlights the ongoing changes in global energy dynamics and India’s strategy to diversify its energy imports.