India will continue to buy cheap Russian oil as long as suppliers are not under sanctions
India is ready to continue buying oil from Russian companies that are allowed to make such sales. The prices are low.
This was stated by Indian Oil Minister Hardeep Singh Puri in an interview with Reuters, Censor.NET reports.
According to him, Western sanctions against Russia over its war against Ukraine have limited the price that Moscow can receive for its crude oil, and India is ready to buy oil and gas at the lowest possible prices from anyone.
"If the company is not under sanctions, I will no doubt buy from the cheapest supplier," he said.
Puri said European countries and Japanese businesses are buying gas from Russia, so India is not alone.
India is one of the world's largest energy consumers, importing 88% of its oil needs, and Puri expects energy consumption to grow, in part due to the increased use of natural gas and renewable energy sources.
The agency recalls that India, the world's third largest oil consumer, and importer, has an annual refining capacity of about 252 million tonnes, or 5.04 million barrels per day, and is looking to expand it.
The surge in global liquefied natural gas prices following Russia's invasion of Ukraine has slowed India's transition to natural gas. India plans to increase gas consumption from 6% to 15% of its energy mix by 2030, but the speed of change depends on prices.
"If gas prices stabilise and decline, its share in our energy mix will increase," the Indian minister added.
