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India says oil prices would have rocketed without its Russian imports
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NEW DELHI (Reuters) – Global oil prices “would have hit the roof” if big importer India had not bought oil from Russia following the Ukraine war, India’s oil minister said, adding that prices would determine where the country buys oil from.
India, the world’s third largest oil importer and consumer, has become the top buyer of discounted Russian sea-borne oil shunned by Western countries since Ukraine’s invasion began in early 2022. Before that, India bought little oil from its long-running defence partner, Russia.
New Delhi has repeatedly defended its purchases from Russia as necessary to keep prices in check in the developing country of 1.42 billion people.
“What many around the world don’t seem to realise is that global oil prices would have hit the roof if India had not bought oil from Russia,” India’s oil minister, Hardeep Singh Puri, wrote on X late on Friday.
“We owe it to our citizens – India will buy oil from wherever our companies get the best rates.”
India’s crude oil imports from Russia rose by 11.7% to about 1.9 million barrels per day in September, accounting for about two-fifths of the South Asian nation’s overall crude imports in the month. Russia was followed by Iraq and Saudi Arabia as India’s biggest suppliers.
(Reporting by Krishna N. Das in New Delhi; Editing by Raju Gopalakrishnan)
Crude oil is a natural, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is used to produce fuels and other products through refining processes.
Oil imports are crucial for India as the country is one of the largest consumers of oil. They help meet domestic energy needs and stabilize local prices.
International sanctions are penalties imposed by countries to influence or punish other nations. They can affect trade, economic stability, and diplomatic relations.
An oil minister is responsible for overseeing a country's oil and gas sector, formulating policies, and managing resources to ensure energy security and economic growth.
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