India can maintain adequate fuel supplies even if U.S. secondary sanctions curb purchases of Russian crude, Oil Minister Hardeep Singh Puri said at an industry event in New Delhi on 17 July. Puri argued that global markets are “well supplied” and predicted price relief for consumers if benchmark crude stays near current levels over the next few months. Russia has become India’s single-largest source of oil, accounting for roughly 35 % of imports. However, Puri noted that the import slate has widened from 27 to about 40 countries, with newer producers such as Guyana and established exporters like Brazil and Canada ready to step up. Indian Oil Corp added that, if sanctions bite, it can revert to the pre-Ukraine mix when Russian crude made up less than 2 % of volumes. The minister’s latest comments build on assurances made in late June, when rising Middle-East tensions raised the prospect of Iran closing the Strait of Hormuz. Puri said then that only about 1.5-2 million barrels a day of India’s 5.6 million-barrel total imports pass through the waterway, and that a 77-day strategic reserve plus diversified routes would cushion any disruption.
India can secure oil even if Russian imports sanctioned, minister says https://t.co/JqQnkCuXD7 https://t.co/JqQnkCuXD7
Kommersant: “Indian Energy Minister named Brazil, Canada and Guyana as potential oil exporters to replace Russian volumes.” https://t.co/uBVTd9Xco9
🇮🇳's Oil Minister Hardeep Singh Puri Reminds the World About West's Hypocritical Stance on Russia Oil He remembers Jaishankar's trip to the US, explaining Washington bought more oil from Russia in a day compared to a whole quarter for India. https://t.co/oMvnT23q1a