New Delhi, November 27, 2024: Union Minister Hardeep Singh Puri announced that Russia has become India’s largest supplier of crude oil, accounting for over 35% of the country’s oil imports. Speaking at an energy event, Puri emphasized the importance of this shift, attributing it to competitive pricing and India’s strategic diversification of energy sources. He highlighted that discounted Russian crude ensures energy security and affordability for the nation.
This development marks a significant shift in India’s oil import patterns. Previously, Iraq and Saudi Arabia were the dominant suppliers of crude oil to India. However, geopolitical changes and the ongoing conflict in Ukraine have significantly increased India’s imports from Russia, reaching approximately 1.5 million barrels per day.
Puri addressed concerns over payment mechanisms with Russia, clarifying that most transactions are conducted in UAE dirhams, effectively bypassing complications from Western sanctions. He also tackled environmental criticisms, reiterating India’s commitment to a balanced energy transition while ensuring that immediate energy needs are met without compromising climate goals.
The minister emphasized that India’s approach to energy procurement remains pragmatic and non-partisan, focusing solely on ensuring the country’s energy security amid a volatile global landscape.
