India has never depended on any country’s permission to buy Russian oil, and will purchase crude from wherever it’s available, a senior government official has said. The statement comes after the US announced this week that it would give a temporary 30-day waiver to India to purchase Russian oil already stranded at sea to stabilise global markets as the Strait of Hormuz remains closed amid the Iran war.
To back India’s no-dependence policy, a senior government functionary asserted that, despite US and EU objections, Russian crude continued to flow into India during the Ukraine war. “In fact, India increased its purchases of Russian oil during this period despite pressure from the US and the EU,” the functionary added.
US Treasury Secretary Scott Bessent recently called India “very good actors” on Russian oil sanctions, while adding that Washington is now considering further measures to lift sanctions on more barrels.
“The Indians had been very good actors. We had asked them to stop buying sanctioned Russian oil this fall. They did,” he said.
The Middle East crisis remains a roadblock to oil supply across the globe. The situation worsened after Iran closed the Strait of Hormuz, causing numerous tankers and ships that were already in transit to get stuck. The government, however, confirmed on Saturday that India’s energy supply is not in danger and remains stable.
“Despite rising tensions on the #HormuzRoute, India’s energy supply remains secure and stable. India has diversified its crude oil sources from 27 to 40 countries, ensuring multiple alternative supply routes. In the national interest, India purchases oil from wherever the most competitive and affordable rates are available. Advanced refinery capacity makes it possible to process various grades of crude oil, ensuring uninterrupted supply,” the government tweeted.
According to the government, India currently holds more than 250 million barrels of crude oil and refined products, seven to eight weeks of buffer, distributed across strategic reserves, pipelines, terminal facilities and vessels, and storage tanks already en route to the country’s ports.
Earlier this week, government sources told India Today that India currently has stocks of crude and refined petroleum products that can last for a total of 50 days (25 days’ worth of crude oil and another 25 days of petroleum products). Also, officials are searching for alternative countries to import crude oil, LNG and LPG as the Middle East remains on the boil.
Russia, meanwhile, has said that it’s ready to divert nearly 9.5 million barrels of crude in vessels near Indian waters to counterbalance Middle East supply disruptions, with those able to arrive within weeks, news agency Reuters reported.
Qatar reportedly has also provided guarantees regarding supply. News agency ANI reported that the Gulf nation has assured India that they will start supplying to New Delhi at the “very first minute once the route (Strait of Hormuz) is open”.
India sources oil from as many as 40 countries.
