India will continue to buy Russian oil as long as there are no sanctions

India is ready to continue purchasing oil from Russian companies that are allowed to make such sales, as prices are low.

This was stated by Indian Oil Minister Hardeep Singh Puri, RBC-Ukraine reports citing his interview with Reuters.

Western sanctions against Russia over its war against Ukraine have limited the price Moscow can get for its crude oil, and India is ready to buy oil and gas at the lowest possible prices from anyone, Puri said.

“If the company is not under sanctions, I will no doubt buy from the cheapest supplier,” he said.

According to him, European countries and Japanese businesses buy from Russia, so India is not alone.

India is one of the largest energy consumers in the world, importing 88% of the oil it needs, and Puri expects energy consumption to grow through increased use of natural gas and renewable energy sources.

India, the world's third-largest oil consumer and importer, has an annual refining capacity of about 252 million tons, or 5.04 million barrels per day, and is looking to expand it.

The spike 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 stabilize and come down, its share in our energy mix will increase,” Puri said.

Author - Dmitriy Levchenko, 18/09/2024