Russia’s oil shipments to India likely to fall, says minister

India’s imports of Russian crude are expected to keep falling as the country, the world’s third-largest buyer of the fuel, diversifies its suppliers, Oil Minister Hardeep Puri said.

Shipments from Russia have already declined to 1.3 million barrels per day (bpd) from an average of 1.8 million bpd last year, he told Bloomberg Television in an interview on January 27, Caliber.Az reports.

“There is a declining trend,” Puri said. “These are market-driven conditions.”

The United States has pressured India to reduce its purchases of Russian oil by imposing additional tariffs. Still, despite the decline, flows have remained resilient, partly due to an attractive discount, Puri noted.

There has been no mandate from the Indian government on Russian oil purchases, and companies are making their own decisions, he added. India is now in a position to diversify its oil suppliers and currently buys from 41 nations.

Indian companies are keen to boost oil flows from Canada and the United States, Puri said.

By Aghakazim Guliyev