India's Strategic Oil Purchases: A Game-Changer

India, the world's third-largest oil importer, has become the top buyer of discounted Russian oil post-Ukraine war. The strategy is aimed at stabilizing domestic oil prices. India's Oil Minister emphasizes the importance of cost-driven purchasing decisions amidst global dynamics.

Global oil dynamics have shifted significantly since the onset of the Ukraine conflict, with India emerging as the leading importer of Russian oil. This strategic move has been pivotal in averting a surge in global oil prices, according to India's Oil Minister, Hardeep Singh Puri.

Puri highlighted New Delhi's commitment to securing the best possible oil prices for its populace, citing economic necessity as the driving force behind purchasing decisions.

In September, India's crude oil imports included 1.9 million barrels per day from Russia, making up 40% of its total oil imports, followed by Iraq and Saudi Arabia.

(With inputs from agencies.)