India buys Russian oil despite calls not to from the US and other countries

India buys Russian oil despite calls not to from the US and other countries
March 18, 2022, 7:27 am

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The Arab News reported, citing the Associated Press, an Indian government official said Friday that the state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases.

The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls not to from the US and other countries.

The official spoke on condition of anonymity as he was not authorized to talk to reporters.

The United States, Britain and other western countries are urging India to avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20 percent below global benchmark prices.

Such prices have surged in recent weeks, posing a huge burden for countries like India, which imports 85 percent of the oil it consumes. Its demand is projected to jump 8.2 percent this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic.

The state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases (File photo: Shutterstock)

White House press secretary Jennifer Psaki said earlier this week that Indian purchases of Russian oil wouldn’t violate US sanctions, but urged India to “think about where you want to stand when history books are written.”

Asked by reporters about India buying oil from Russia, the spokesman for the External Affairs Ministry, Arindam Bagchi, said many European countries import Russian oil and gas.

Bagchi said: “India imports most of its oil requirements. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India."

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Iraq is India’s top supplier with a 27 percent share. Saudi Arabia is second at around 17 percent, followed by the United Arab Emirates with 13 percent and the US at 9 percent, the Press Trust of India news agency reported.

Source: arabnews

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