India rebuts Trump on Russian oil claim, says policy driven by national interest
Sources told ANI that Indian oil refiners continue to source oil from Russian suppliers. Their supply decisions are guided by price, grade of crude, inventories, logistics and other economic factors, they added.
Backing their decision to continue sourcing Russian Oil, sources added that India's energy decisions have been guided by national interest but have also contributed positively to global energy stability.
India's pragmatic approach kept oil flowing, prices stable, and markets balanced, while fully respecting international frameworks, they said.
Providing context for India's decision to continue sourcing oil from Russian suppliers, sources said that Russia, the world's second-largest crude oil producer with an output of around 9.5 mb/d (nearly 10% of global demand), is also the second-largest exporter, shipping about 4.5 mb/d of crude and 2.3 mb/d of refined products.
Fears of Russian oil being pushed out of the market and the consequent dislocation of traditional trade flows drove dated Brent crude prices to soar to US $137 per barrel in March 2022, they added.
"In this challenging environment, India, as the world's third-largest energy consumer with 85% crude oil import dependence, strategically adapted its sourcing to secure affordable energy while fully adhering to international norms," sources said.
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