India stresses diversified crude sourcing to protect energy security.
India rejects claims it will stop buying oil from Russia under US pressure.
Tariff rollback follows Donald Trump linking duties to Russian-oil cuts.
India may explore fresh crude options, including Venezuela, as purchases shift.
India Stresses Multi-Source Oil Strategy; No Confirmation on Trump’s Claim of Russian Crude Exit
Vikram Misri said that key drivers of India's energy policy is focused on adequate availability, fair pricing, and reliable supply
Foreign Secretary Vikram Misri MInt
Summary
Advertisement
India aims to maintain multiple sources of crude oil supply and diversify them appropriately to ensure stability, said the Ministry of External Affairs on Monday.
Responding to a question whether India will stop buying Russian oil following US President Donald Trump's executive order on the same, Foreign Secretary Vikram Misri said that key drivers of India's energy policy is focused on adequate availability, fair pricing, and reliable supply.
"If you look at data, we import crude oil from dozens of countries. We are neither dependent on a single source nor do we intend to be," Misri told reporters during a press briefing.
"It is natural for a mix of sources to vary from time to time depending on objective market conditions. Our objective is to maintain multiple sources of supply and diversify them appropriately to ensure stability," he added.
Misri also noted that the more India diversifies, the more secure.
Advertisement
Russian Oil Purchase
Last week, Trump removed the additional 25% tariff it had imposed on a wide range of Indian goods last year, after Washington concluded that New Delhi had taken “significant steps” to distance itself from Russian oil and align more closely with US strategic interests.
"India has committed to stop directly or indirectly importing Russian Federation oil, has represented that it will purchase United States energy products from the United States," Trump's executive order stated.
However, the US maintained a safeguard clause. The Commerce Department, along with the State and Treasury Departments, will monitor whether India resumes importing Russian oil. If it does, the officials must recommend whether Trump should reimpose the 25% tariff or take further action.
Last week, MEA spokesperson Randhir Jaiswal acknowledged Venezuela as India's long-standing partner in the energy sector, encompassing trade and investments. "Consistent with India’s approach to energy security, India remains open to exploring the commercial merits of any new crude supply options, including from Venezuela," he added.
Advertisement
So far, India has not made any clear statement of Trump's assertion.
However, a Bloomberg report said that India's Russian oil purchases are likely to gradually halve, from an average of 1.2mn barrels a day in January, by April.