India's reliance on Russian crude oil has eased, Oil Minister Hardeep Puri said in an interview on Bloomberg Television, as the country widens the pool of crude suppliers and leaves procurement decisions to companies rather than issuing government mandates.
Speaking on Tuesday, Puri gave new figures showing shipments from Russia have already fallen to 1.3 million barrels per day, down from an average of 1.8 million barrels per day in the prior year. "There is a declining trend," he said, adding that "These are market driven conditions."
Puri's comments underscore a deliberate move toward diversification. He noted that India now purchases crude from 41 different countries and that Indian firms have expressed interest in boosting imports from Canada and the United States as part of this strategy.
The minister also acknowledged external pressure on Indian purchases of Russian oil, pointing to additional tariffs imposed by the United States. Despite that pressure and the drop in volumes, he said flows of Russian oil to India have remained resilient, crediting part of that resilience to attractive pricing.
India's purchasing behavior carries weight on the global stage because the country remains the world's third-largest buyer of crude oil, a status that makes its sourcing mix consequential for international oil markets.
Within the framework described by Puri, the government has chosen not to direct companies on whether to buy Russian crude. That hands autonomy to refiners and trading firms to weigh market factors, including price and supply options, as they determine procurement strategies.
The information Puri provided paints a picture of a market-driven reallocation of supply sources: lower Russian volumes, ongoing resilience of Russian shipments influenced by price, and active interest from Indian companies in alternative suppliers such as Canada and the United States. The balance between market incentives and external policy pressures appears to be shaping India’s crude import mix.