India Claims “Sharp Decline” in Dependency on Russian Oil

The government of India has not interfered in the oil purchases by refineries, but has instructed them to adhere to the price caps set by Western countries on Russian oil, stated the country’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, as reported by Bloomberg.

The agency did not provide a direct quote from the minister, and the Indian authorities have not officially stated before that they are adhering to a limit or intend to do so.

As the agency reports, India’s purchases of Russian oil, which had been increasing at record volumes since last year, may be coming to an end.

“Our dependency on Russian oil will sharply decline,” said Puri, noting that current offers from suppliers in the Middle East look “more attractive.”

The minister had previously said that the country is not becoming dependent on supplies from any particular country.

“Let me make it very clear. We are in a market situation today and will buy from anyone,” said Puri.

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