India will keep buying Russian oil despite US waiver changes, says government official

India said it will continue buying crude oil from Russia regardless of the US sanctions waiver position. The statement underlined New Delhi's focus on energy security and commercially viable supplies amid elevated oil prices.

In Short

• Purchases based on commercial sense and supply availability
• No crude shortage amid geopolitical tensions, says official
• Global oil prices high due to West Asia conflicts and supply fears

India will continue purchasing crude oil from Russia irrespective of the US sanctions waiver position, a senior government official said on Monday, signalling that energy security and commercial interests remain the country’s top priority amid rising global oil prices and tensions in West Asia.

Sujata Sharma, Joint Secretary in the Ministry of Petroleum and Natural Gas, said India’s oil imports from Russia have continued before, during and after the US sanctions waiver period.

“Regarding the American waiver on Russia, I would like to emphasise that we have been purchasing from Russia earlier, before waiver also, during waiver also, and now also,” Sharma said during a media briefing as quoted by news agency Reuters.

Her comments come at a time when concerns are growing globally after the Trump administration allowed a sanctions waiver linked to Russian seaborne oil to lapse recently.

Sharma said India’s crude oil buying decisions are based on commercial considerations and availability of supply.

“It is basically the commercial sense which should be there for us to purchase,” she said.

She also assured that India does not face any shortage of crude oil supplies despite rising geopolitical tensions and concerns over global shipping routes.

“There is no shortage of crude. Enough crude has been tied up repeatedly and this, whatever waiver or no waiver, it will not affect,” Sharma added.

CRUDE OIL PRICES REMAIN ELEVATED

Global crude oil prices continued to remain high amid tensions in West Asia and concerns over supply disruptions around the Strait of Hormuz.

Brent crude was trading at USD 110.28 per barrel, up 0.93%, while WTI crude rose 0.85% to USD 106.32 per barrel as of 4:15 PM.

Oil prices have remained volatile after attacks linked to the ongoing conflict in West Asia raised fears of disruption to global energy supplies.

India, which imports nearly 85% of its crude oil needs, has been under pressure from rising oil prices, weakening rupee levels and concerns over inflation.

The government had recently increased petrol and diesel prices by Rs 3 per litre amid mounting pressure on state-run oil marketing companies due to rising global crude costs.

Russian crude has become an important part of India’s oil import basket over the past few years because it is often available at discounted rates compared to other global benchmarks.

The latest comments from the petroleum ministry suggest India is unlikely to reduce Russian oil purchases despite changes in the US sanctions waiver framework, as long as supplies remain commercially viable and available.

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