India’s imports of Russian crude oil are continuing to decline as the country diversifies its suppliers, according to Oil Minister Hardeep Puri.

In an interview with Bloomberg Television on Tuesday, Puri noted that shipments from Russia have already dropped to 1.3 million barrels per day, down from an average of 1.8 million barrels per day last year.

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

The United States has increased pressure on India’s purchases of Russian oil by imposing additional tariffs on the South Asian nation. Despite this pressure and the declining import volumes, Russian oil flows to India have remained resilient, partly due to attractive pricing.

Puri emphasized that the Indian government has not issued any mandate regarding Russian oil purchases, allowing companies to make their own decisions. He pointed out that India is now positioned to diversify its oil suppliers and currently purchases crude from 41 different nations.

The minister also mentioned that Indian companies are interested in increasing oil imports from Canada and the United States as part of this diversification strategy.

India remains the world’s third-largest buyer of crude oil, making its purchasing decisions significant for global oil markets.
Source: Investing.com