Delhi: After the Russia-Ukraine war, oil politics has intensified all over the world. America is constantly pressurizing countries to distance themselves from Russia, but India has made it clear that it will not compromise with its national interests. Despite the end of the relaxation given in US sanctions, India has continued purchasing crude oil from Russia. The government has said that India’s decision is completely based on commercial needs and the oil purchase will not be affected by any external pressure. After this statement, there is a clear indication that India is in a mood to adopt an independent policy in the matter of energy security.
What did the government say?
Sujata Sharma, Joint Secretary, Petroleum Ministry, clearly said that India’s purchase of Russian oil was never dependent on American exemption. He said that the decision to purchase oil is taken entirely on the basis of business benefits and needs. He also said that there is no shortage of crude oil in the market and Indian refineries are fully prepared.
American exemption ends, but India is not affected
America had given temporary exemption for some oil business related to Russia, the deadline for which has now expired. However, Indian officials say that this will not affect India’s supply. According to experts, India is getting crude oil from Russia at concessional rates, due to which the country has benefited a lot. This is the reason why India wants to continue this purchase.
Russia becomes big oil supplier to India
After the Russia-Ukraine war started in 2022, Western countries had imposed several sanctions on Russia. After this, Russia started selling oil to Asian countries at cheap prices. India took advantage of this opportunity and started buying Russian oil in large quantities. According to reports, India’s Russian oil import may reach around 19 lakh barrels per day in the month of May, which is considered to be very close to the record level.
Indian refineries fully ready
Experts say that India also has adequate oil supply options from countries like America, UAE, Oman and Iraq. Apart from this, due to slight softening of domestic demand and increase in availability in the spot market, there is no possibility of any crisis at present.
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