India continues to source oil from Russia, says Govt. sources, refutes Trump claim
By Anjali Sharma
WASHINGTON – The government sources said on Saturday that Indian oil refiners will continue to purchase oil from Russia, and the decision is guided by several economic factors, including price, grade of crude, and logistics, among others, media reported.
The clarification came hours after US President Donald Trump claimed that he had heard that India would not purchase Russian crude oil.
“Indian oil refiners continue to source oil from Russian suppliers. Their supply decisions are guided by price, grade of crude, inventories, logistics, and other economic factors,” news agency quoted sources as saying.
The government sources explained the rationale behind India’s continued oil purchases from Russia, stated the country is the world’s second-largest crude producer with an output of about 9.5 million barrels per day (nearly 10% of global demand) and is also the second-largest exporter, supplying roughly 4.5 million barrels per day of crude and 2.3 million barrels per day of refined products.
The sources, as quoted by the news agency noted that concerns over the potential exit of Russian oil from global markets and the resulting disruption in traditional trade routes had driven Brent crude prices to spike to $137 per barrel in March 2022.
“In such a challenging scenario, India— the world’s third-largest energy consumer with an 85% dependence on crude oil imports adjusted its sourcing strategy to secure energy at affordable prices, while fully complying with international regulations,” they added.
Ministry of External Affairs had also clarified that India sources its energy requirements on the basis of price and the global situation at that time.
MEA spokesperson Randhir Jaiswal said during a weekly press briefing that “As far as sourcing India’s energy requirements is concerned, we take decisions based on the price at which oil is available in the international market and depending on the global situation at that time.”
He refused knowledge when asked about Trump’s claim.
Trump was speaking to reporters, had said, “Well, I understand India no longer is going to be buying oil from Russia. That’s what I heard. I don’t know if that’s right or not, but that’s a good step. We’ll see what happens.”
He imposed 25 per cent tariffs on India and announced unspecified penalties on the country for its trade with Russia, specifically mentioning the military and energy sector.
