No pressure from US to cut Russian oil imports, says Indian oil minister
Why This Matters
Key context: <p>India has faced no pressure from the US to reduce its <a href="https://www.dawn.com/news/1971128">Russian crude imports</a>, oil minister Hardeep Singh Puri said on Tuesday at an industry event.</p> <p>“I never felt anything,” Puri said when asked if there has been pressure to cut Russian oil imports.</p> <p>Puri said Middle East oil supplies have been <a href="https://www.dawn.com/news/2034883">rising</a> as the region is able to ship out more cargoes.</p> <figure class='media w-full sm:w-1/2 media--right media--embed media--uneven' data-original-src='https://www.dawn.com/news/2028333'> <div class='media__item media__item--newskitlink '> <iframe class="nk-iframe" width="100%" frameborder="0" scrolling="no" style="height:250px;position:relative" src="https://www.dawn.com/news/card/2028333" sandbox="allow-same-origin allow-scripts allow-popups allow-modals allow-forms"></iframe></div> </figure> <p>He said India was getting 0.2 per cent of its oil imports from Russia before the <a href="https://www.dawn.com/news/1676939">Ukraine war</a>, while imports have surged since the war started due to <a href="https://www.dawn.com/news/1692282">discounts on Russian oil</a>.</p> <p>India’s imports of Middle Eastern crude oil <a href="https://www.dawn.com/news/2038972">surged</a> 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.</p> <p>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.</p> <p>“Whatever people say or do, ultimately it is anchored in their self-interest,” he said.</p> <p>The minister also said India is expanding its <a href="https://www.dawn.com/news/1881366">refining capacity</a> to help meet local demand and export commitments.</p> This development from dawn.com highlights ongoing changes in the sector.
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 per cent 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.
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