The Minister of oil of India explained the decline in oil purchases of Russia

Indian Oil Minister Hardeep Singh Puri in an interview with Reuters denied the link between the reduction in purchases of Russian oil and Washington’s pressure. According to him, the reasons lie in the market plane, and India does not feel pressure from the United States.

Puri explained that the growth of supplies from the Middle East allows India to choose better offers. In addition, China is creating competition for Russian oil. The volume of purchases from Russian suppliers depends on the size of discounts.

Until 2022, the share of Russian oil in Indian imports was insignificant – 0.2%. Then it grew dramatically. The additional increase in supplies was due to the operation of Israel and the United States against Iran, when in the spring due to the closure of the Strait of Hormuz, major producers cut supplies.

Now purchases of Russian oil have returned to the level of the winter of this year, that is, to the indicators before the conflict. Puri stressed that India does not feel pressure from the US.

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