India Can Secure Oil Even if Russian Imports Halted
Union Petroleum Minister Hardeep Singh Puri has asserted that India is fully capable of meeting its energy needs even if Russian oil imports are cut off due to possible Western sanctions. Addressing concerns raised over potential secondary sanctions, Puri said India has prepared well by building a diverse and flexible sourcing strategy.
Supply Diversification at Core of Strategy
Puri explained that India now imports crude oil from nearly 40 countries, up from about 27 just a few years ago. New suppliers include Latin American countries like Guyana and Brazil, along with increased inflows from Canada and the United States. “I’m not worried at all,” Puri said. “If something happens, we’ll deal with it.”
The minister also highlighted India’s ongoing efforts in domestic oil exploration and production, which have seen renewed investments to reduce dependency on foreign oil in the long run.
Russian Oil Share and Backup Plan
At present, Russia accounts for roughly 35% of India’s crude oil imports, mostly through private refiners like Reliance Industries and Nayara Energy. However, Puri clarified that India could easily shift back to its pre-2022 model, when Russian oil formed just 1–2% of total imports.
Public sector refiners like Indian Oil Corporation are prepared to adjust sourcing if Russian barrels become inaccessible, with fallback options already in place.
Global Concerns and India’s Position
Puri’s remarks follow international comments warning of sanctions on countries continuing trade with Russia. Former U.S. President Donald Trump and NATO Secretary-General Mark Rutte have both hinted at possible penalties. India, however, maintains that it prioritizes national energy security and rejects any externally imposed restrictions.
Price Fluctuations and Risk Management
The minister cautioned that a sudden removal of Russian oil from global markets could lead to crude prices spiking to USD 130–140 per barrel. However, India’s broad-based supply model and high storage capacity provide a buffer against such shocks.
He concluded by assuring that Indian consumers would be protected from extreme volatility, and that government mechanisms are in place to stabilize domestic prices if needed.
