BENGALURU, India: India, the third largest oil consumer, and importer globally, has expanded its sources of energy imports, but Gulf Nations to Continue as Major Oil Suppliers to India including the Middle East for the foreseeable future, according to the country’s oil minister.
He stated during India Energy Week that the Gulf region will continue to play a significant role as a supplier for India’s oil imports for a considerable amount of time.
The oil minister of India stated that the country will take into consideration acquiring oil from Iran and Venezuela if the sanctions are lifted and would maintain its purchases from Russia if the prices remain favorable.
He revealed that India has broadened its sources of oil imports to 39 nations, up from 27 two years prior.
The increased purchases of Russian oil have led to a decrease in the contribution of crude imports from OPEC, reaching the lowest point in over a decade. Additionally, the Secretary-General of OPEC, Haitham Al Ghais, has invited India to participate in the next OPEC+ meeting.
Recommended reading: Bank of Baroda Consortium Receives Advice from CAM on JSW Credit Deal