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Indian oil refiners continue to source oil from Russian suppliers, sources told ANI.
Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors, the sources revealed.
Providing context for India’s decision to continue sourcing oil from Russian suppliers, sources said that Russia, the world’s second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10 per cent of global demand), is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products.
Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to $137 per barrel in March 2022.
“In this challenging environment, India, as the world’s third-largest energy consumer with 85 per cent crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms,” added sources.
Earlier, United States President Donald Trump on Friday (local time) claimed that India may cease purchasing Russian oil, calling it “a good step” if confirmed, while India has defended its sovereign right to conduct energy policy based on national interest.
