According to Bloomberg, citing a person familiar with the talks, an Indian delegation visiting the United States this week repeated its request during meetings with American officials.
Indian officials stressed that cutting imports from major producers such as Russia, Iran, and Venezuela could fuel higher global energy prices.
The delegation’s trip followed Washington’s decision to impose steep tariffs on India’s imports of Russian oil. Despite those tariffs, New Delhi has continued to buy discounted Russian crude, which remains a crucial source for its energy needs.
Commerce Minister Piyush Goyal, speaking in New York earlier this week, said India seeks to increase its purchases of U.S. oil and gas.
Nearly 90 percent of India’s oil demand is met through imports, and discounted Russian barrels have significantly reduced its import costs.
India halted purchases of Iranian oil in 2019. Reliance Industries, the country’s largest private refiner, also stopped buying Venezuelan crude this year amid intensified U.S. sanctions. While Indian refiners could source more supplies from the Middle East, officials warned such a shift would raise overall costs.
Data from India’s Commerce Ministry shows refiners paid on average $68.90 per barrel for Russian crude in July, compared to $77.50 for Saudi oil and $74.20 for U.S. crude. India is the largest buyer of seaborne Russian oil, while China remains the biggest overall importer, including pipeline deliveries.
MNA
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