India’s minister of petroleum and natural gas, Hardeep Singh Puri, said that in the near future, most of the country’s crude oil supply will come from the Gulf region, including Saudi Arabia and Iraq, as India seeks a secure and affordable energy base.
Indian refiners have scooped up relatively cheap Russian oil that has been shunned by Western companies and countries since sanctions were imposed on Moscow over military special operations in Ukraine. India’s imports of Russian oil increased by 4.7 times from April to May, or more than 400,000 barrels per day, but fell in July.
Crude oil imports from Saudi Arabia by the world’s third largest oil importer and consumer increased more than 25% in July after Saudi Arabia cut its official selling prices from May to June and July. Saudi Arabia kept third among Indian suppliers.
