The state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday.
The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls not to from the US and other countries.
The official spoke on condition of anonymity as he was not authorized to talk to reporters.
Meanwhile, the United States, Britain, and other western countries are urging India to avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20 percent below global benchmark prices.
To capture the opportunity, Indian refiners are floating tenders to buy such discounted oil. The tenders are mostly won by traders, who would have stocked inventories of the lesser-priced Russian oil.
Asked by reporters about India buying oil from Russia, the spokesman for the External Affairs Ministry, Arindam Bagchi, said many European countries import Russian oil and gas.
“India imports most of its oil requirements. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India,” Bagchi said.
The official said India has not imposed sanctions against buying oil and will be looking to purchase more from Russia despite calls not to from the US and other countries.
The official spoke on condition of anonymity as he was not authorized to talk to reporters.
Meanwhile, the United States, Britain, and other western countries are urging India to avoid buying Russian oil and gas. Indian media reports said Russia was offering a discount on oil purchases of 20 percent below global benchmark prices.
To capture the opportunity, Indian refiners are floating tenders to buy such discounted oil. The tenders are mostly won by traders, who would have stocked inventories of the lesser-priced Russian oil.
Asked by reporters about India buying oil from Russia, the spokesman for the External Affairs Ministry, Arindam Bagchi, said many European countries import Russian oil and gas.
“India imports most of its oil requirements. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India,” Bagchi said.
