India To Source Crude Oil And LPG From Multiple Countries Including Russia, MEA Stresses, ‘Do Not Want To Be Reliant On A Single Supplier’

Due to the ongoing conflict in the Gulf region and accompanying global disruptions, India has declared it will seek to source crude oil and LPG from multiple nations, including Russia.

During a press briefing, India’s Ministry of External Affairs (MEA) stated unequivocally that no single country will be relied upon for India’s energy needs. Officials indicated they are actively pursuing all avenues to maintain stable fuel availability for use within the nation.

‘No Dependence on Single Supplier’

The MEA’s spokesperson, Randhir Jaiswal, stressed that India’s energy security and affordability will guide the government in their pursuit of crude oil from many different suppliers; therefore, the policy will be based on market conditions. He further reaffirmed India’s position by stating, “We purchase our crude oil from many different suppliers, so we will not be reliant on a single supplier and we do not want to be.”

The MEA spokesperson also noted national interest drives all decisions involving sourcing energy supplies. Thus, as long as the price is right, India will purchase oil from whoever has it available, which includes purchasing crude oil/gas from Russia, if buying from Russia is in India’s national interest.

The energy markets across the globe are facing tremendous pressures at this time due to the conflict involving Iran, which has disrupted all shipping routes and supply across the world; this is having an acute impact upon energy supplies to India. India has nearly all of its energy needs met through imports, therefore it is severely affected by the disruption of supplies to all energy-producing countries.

The government is monitoring the situation closely and is taking action to ensure that fuel will not be in short supply in India. The government will continue to focus on the maintenance of stable and secure supplies of crude oil and liquefied petroleum gas (LPG) to both households and industry.

Global Conflict Impacts Supply

India is one of the biggest consumers of oil in the world, and a very large percentage of that oil is imported. In recent years, Russia has become the world’s largest exporter of oil and is by far the biggest supplier to India, primarily due to reductions in the price of crude oil caused by changes to global geopolitical relationships and events.

The government has continued to affirm that its overall strategy will be to diversify its sources of energy to reduce the risk that is associated with disruptions to the supply chain. By ensuring that India is obtaining its energy from multiple regions of the world; i.e. The Middle East, Russia, and other global sources, the Indian government will be better able to lessen or totally mitigate the risks associated with disruptions to the supply chain.

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