Will Buy Russian Oil as Long as It's Commercially Viable: ONGC Chairman

In another clear signal that India is not about to buckle under Trump’s tariff pressure, ONGC Chairman Arun Kumar Singh said on Friday that the state-owned company will continue purchasing Russian oil “as long as it remains commercially viable for India.”

Addressing the media after the company’s annual general meeting (AGM), Singh clarified that there are no sanctions restricting the purchase of Russian crude. “There is no bar or sanction on Russian oil as of now. Unless our government decides otherwise — which is not the case at present,” he said.

The 25% additional tariff slapped on Indian exports by Trump for continuing to purchase Russian oil has been met with resolute silence by New Delhi — but denounced across the spectrum as arbitrary, unfortunate and discriminatory. Economists warn the penalty could upend 25 years of painstaking diplomacy and unravel one of the world’s most consequential strategic partnerships.

Singh insisted: “There is no bar or sanction on Russian oil as of now. Unless our government decides otherwise — which is not the case at present.” That distinction matters little to American policymakers, but for India it is a defence of sovereign choice. Moscow’s barrels, heavily discounted since the outbreak of war in Ukraine, remain essential to cushioning inflation and stabilising domestic energy markets.

Singh further asserted that India will buy “every drop of commercially viable oil available in the market,” depending on refinery configurations. In other words, refiners will keep taking Russian crude for as long as it makes sense on price.

Beyond hydrocarbons, Singh also offered a glimpse of ONGC’s future. The firm plans to scale up renewable capacity to 10 GW, from the current 2 GW. “We are technologically ready” on nuclear, he added, “but waiting for the legislative part to be cleared.” In the domestic market, he declared, “we are the best,” welcoming reforms such as the Oil Fields Regulation and Development Amendment Act, which has “opened a lot of windows” for revenue.