No pressure from US to cut Russian oil imports, Indian oil minister says
- Puri said Middle East oil supplies have been rising as the region is able to ship out more cargoes
India's oil minister confirms no US pressure to cut Russian crude imports, with purchases driven by discounts. Middle East oil imports are rising, impacting Russian oil demand.
- US pressure on India regarding Russian oil imports
- India's shifting oil import strategy and discounts
- Expansion of India's refining capacity
GOA: India has faced no pressure from the US to reduce its Russian crude imports, oil minister Hardeep Singh Puri said on Tuesday at an industry event.
“I never felt anything,” Puri said when asked if there has been pressure to cut Russian oil imports.
Puri said Middle East oil supplies have been rising as the region is able to ship out more cargoes.
He said India was getting 0.2% of its oil imports from Russia before the Ukraine war, while imports have surged since the war started due to discounts on Russian oil.
India’s imports of Middle Eastern crude oil surged in September, returning to pre-war levels, while its refiners cut back purchases of Russian oil amid stiff competition from China, ship-tracking data showed.
The minister said that the purchase of Russian oil is linked to discounts and pricing when compared with other grades. Russian oil imports have been reduced as the refiners are buying more Gulf oil sold at a discount, he added.
“Whatever people say or do, ultimately it is anchored in their self-interest,” he said.
The minister also said India is expanding its refining capacity to help meet local demand and export commitments.