India has significantly reshaped its energy procurement strategy in recent years, expanding its network of crude oil suppliers amid geopolitical disruptions caused by the Russia-Ukraine conflict and tensions in the Middle East. Union Petroleum and Natural Gas Minister Hardeep Singh Puri said the country has increased the number of nations from which it sources crude oil from 27 to 41, reflecting a broader effort to strengthen energy security, diversify supply chains, and protect domestic consumers from global market volatility.
Speaking about the transformation, Puri highlighted the dramatic rise in crude oil imports from Russia. Prior to November 2022, Russia accounted for only 0.2 per cent of India's crude imports. According to the minister, India is now importing around 2.5 million barrels of Russian crude per day. He emphasized that India's energy procurement decisions are driven by economic considerations, stating that the country will continue to purchase energy from any source that offers reliable supplies at competitive prices through established commercial processes.
The minister also pointed to Venezuela as an increasingly important supplier in India's evolving energy mix. Venezuela possesses some of the world's largest proven oil reserves and has emerged as a significant exporter following shifts in global energy trade patterns. Puri noted that India has strengthened engagement with Venezuelan authorities and indicated that imports could increase further if the South American nation's production capacity rises in the coming years. He added that Venezuelan heavy crude is compatible with Indian refining infrastructure, making it a viable long-term option.
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On energy cooperation with the United States, Puri revealed that India has already purchased energy worth approximately $15 billion from the country. He suggested that this figure could rise to between $20 billion and $25 billion depending on future pricing conditions and market opportunities. The comments come amid ongoing discussions surrounding a broader India-US trade agreement, although the minister stressed that energy purchases remain commercially driven rather than dictated by government mandates.
Puri also recounted an incident that underscored the importance of diplomatic engagement in securing critical energy supplies. During concerns over liquefied petroleum gas availability through the Strait of Hormuz, he personally contacted ADNOC chief Sultan Al Jaber to request additional LPG cargoes for India. The supplies were arranged swiftly, and logistical issues were subsequently resolved through coordination between Indian oil marketing companies and suppliers, ensuring uninterrupted access to essential fuel resources.
Looking beyond conventional energy imports, the minister highlighted India's ongoing transition toward cleaner and more sustainable energy sources. He noted the country's progress in increasing biofuel blending from 1.5 per cent to 20 per cent, promoting flex-fuel vehicle technologies, and developing green hydrogen capabilities. According to Puri, India's energy strategy is focused on balancing availability, affordability, and sustainability, while positioning the country to meet growing energy demands in an increasingly uncertain global environment.
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