India Rejects Claims of U.S. Pressure Over Russian Oil Purchases
The United States has not pressured India to cut crude oil imports from Russia, Indian Oil Minister Hardeep Singh Puri said on Tuesday, as Russian cargo arrivals to the world’s third-largest crude oil importer have declined in recent weeks amid an increase in imports from the Middle East. India’s purchases of Russian crude oil are closely linked to the pricing, discounts, and import costs of…
India has categorically denied allegations of U.S. pressure to reduce crude oil imports from Russia, according to Indian Oil Minister Hardeep Singh Puri. Russian cargo arrivals to India, which is the world's third-largest crude oil importer, have decreased recently as oil purchases have shifted towards Middle Eastern sources. The minister stated that India's decisions regarding crude oil imports are solely based on economic factors, such as pricing, discounts, and import costs.
He revealed that Indian refiners are now opting for higher volumes of Middle Eastern crude oil, as its availability and pricing have improved compared to Russian grades. In September, India's crude oil imports from the Middle East surged to 2.8 million barrels per day, a 32% increase compared to August and the highest level since February.
This surge occurred while China's competition for Russian oil led to declining Russian imports. Russia was the primary crude oil supplier to India in September, but imports fell by 14% from August to 1.8 million bpd. As a result, Russian oil's share in India's oil imports dropped to 33.5% from 46.6% in August.
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