
Industry Updates

India Recharts Oil Sourcing Strategy, Gulf Emerges as Key Focus Beyond Russia
India is set to increase its reliance on West Asian oil suppliers like Saudi Arabia, the UAE, and Iraq as U.S. pressure grows over Russian crude imports, Mint reported.
While Russia emerged as India’s top oil supplier after offering deep discounts post-Ukraine invasion, the price advantage has narrowed to about $2 a barrel, reducing its appeal.
India’s Russian oil imports, once negligible at 2.5% before February 2022, now account for 36% of total imports, though volumes have recently dipped.
To balance energy security, India is eyeing higher supplies from Saudi Aramco and ADNOC, its traditional partners, while continuing limited Russian purchases. The shift signals a strategic diversification of India’s crude sourcing map.
Source: Economictimes