{
  "id": 5143453,
  "title": "Price, Not Politics, Is Driving Most of India’s Oil Buying",
  "url": "https://urgent.news/2026/09/01/price-not-politics-is-driving-most-of-indias-oil-buying-5143453",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-01T09:30:00.000Z",
  "source": {
    "name": "Yahoo Finance",
    "slug": "yahoo-finance",
    "url": "https://finance.yahoo.com/energy/articles/price-not-politics-driving-most-093000043.html"
  },
  "original_language": "en",
  "account": "India's state-owned Oil and Natural Gas Corporation (ONGC) has revealed that the country's oil imports are primarily driven by the prevailing spot crude prices, with only term crudes being influenced by longer-term agreements. CEO Arun Kumar Singh emphasized that determining the amount of imports is uncertain, but at least 60% of India's oil imports are affected by the price of the specific month or M+2. Despite geopolitical issues causing disruption in Persian Gulf supply, Singh stated that supply is not a significant concern as India will always find crude to import. The executive noted that geopolitical disturbances may persist for a limited time, but ultimately, the world economy prevails. While India has reduced its reliance on primary energy imports, it remains highly dependent on crude oil imports, accounting for a massive 90% of its consumption. The Middle East crisis has prompted Indian refiners to seek alternatives, leading the government to expand strategic storage sites to protect against future supply shocks. Since the Iran war and the disruption of crude flows at the Strait of Hormuz, India has turned to Russia, West Africa, Venezuela, Brazil, and the U.S. for spot supply to compensate for lost Middle Eastern supply.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "OilPrice",
        "title": "Price, Not Politics, Is Driving Most of India’s Oil Buying",
        "url": "https://urgent.news/2026/09/01/price-not-politics-is-driving-most-of-indias-oil-buying",
        "published": "2026-09-01T09:30:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}