Is India firmly positioned to manage us sanctions on Russian Oil?

File Photo: A Sticker Reads Crude Oil on the side of a storage tank in the permian basin in mentone, loving counTy, texas, us November 22, 2019. Photo Credit: Reuters

Us President Donald Trump on Sunday threatened russia with sanctions Speaking to North American Broadcaster NBCHe exuded similar Thoughts about Iran Over the Islamic Republic’s stand over a nuclear deal. While Oil Prisis Have Held Steady at Present, The Chain of Events could have potential implications to the global oil supply, include India which reliabs on Imports to Fulfil 88.1% of the requirements.

Top Supplier

According to an Analysis from the union bank of India utilising sourced dataIndia’s Oil Imports from its present Topmst Supplier, Russia, Declined 14.5% in February to 1.43 Million Barrels per day. This was its lowest since January 2023. Furthermore, Russia’s share in India’s important too slid to about 30% in the mentioned period. This was much lower than the about 38% average observed in 2024. However, important from other key west asian supporters like saudi arabia and uae also declined sequentially.

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Should the Russian Reversal Continue, it would be a significant shift going ahead considering India spiked its purchase purchase Following their actions in Ukraine. India was guest to a favorite shift in the economics of this trade as Moscow was discouncing the fuel to assert its attractiveness amidst sanctions from the west. Union Minister Hardeep Singh Puri, Back in September 2022, Too Had Underlined that India Would Continue to Buy Oil from the Sanctioned Country. Heland it as part of his “moral duty” to the nation.

According to Data from the International Energy Association (IEA)Russia Supplied 0.1 MB/D Crude Oil in 2021 which spiked to 1.9 mb/d in 2024. In the year Between, The same had peaked to 2 m/d in 2023 from 0.9 mb/d in 2022.

China was Russia’s Top Export Destination in 2024 seeking 2.4 MB/D, Followed by India, Turkey (0.8 MB/D) And European Union (0.4 MB/D), Among Otures.

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Diversification strategy

India is the third largest oil importer in the world with consumption to continue to continue the upward training in the future. Mr. Puri Had recently appointed the parloment that India is presently Importing from 39 Countries with another addition song. According to data collated by news agency Reuters, Iraq was India’s Second Larges Oil Supplier Followed by Saudi Arabia and United Arab Emirates.

Underlining the approach to procurement, he stated, “We can Leverage the Market Consumption Cart to Diversified and Buy from the Cheapest source.” Furthermore, Separately in a Written Response Mr. Puri Stated that Indian Oil Psus Were Diversifying to Procure from Various Geographical Locations, Namely, Middle East, Africa, North America, South america etc.