Russia Emerges as India's Top Oil Supplier Amid Changing Energy Dynamics

Union Minister Hardeep Singh Puri announced that Russia now supplies over 35% of India's crude oil. The shift marks a significant change from February 2022 when Russian oil formed just 0.2% of imports. This move highlights India's evolving energy partnerships and increased focus on biofuel blending.

In a marked shift in India's energy sourcing strategy, Russia has become India's largest crude oil supplier, accounting for over 35% of imports, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri noted on Tuesday at the FIPI Oil and Gas Awards Ceremony.

The minister highlighted the dramatic transition over the past two years, with Russian oil imports surging from merely 0.2% in February 2022. Puri attributed the rise to global price dynamics and availability, emphasizing the role of India's oil marketing companies in balancing long-term contracts with spot market purchases.

Puri also pointed to India's evolving energy partnerships, with other key suppliers like Saudi Arabia, the UAE, Iraq, Kuwait, and the US contributing to the energy mix. Notably, India's energy sector strides include reduced fuel prices, a remarkable increase in ethanol blending, and expanded City Gas Distribution coverage.

(With inputs from agencies.)