Wed Sep 18 07:21:39 UTC 2024: ## India to Continue Buying Discounted Russian Oil, Despite Western Sanctions
**Houston, Texas** – India will continue to purchase oil from Russia, even amidst Western sanctions, India’s Oil Minister Hardeep Singh Puri confirmed Tuesday. He emphasized India’s commitment to securing the cheapest possible energy sources, stating that India will buy from any entity not under sanctions.
“If an entity is not under sanctions, there is no question I will buy from the cheapest supplier,” Puri told Reuters at the GasTech conference in Houston.
He pointed out that European countries and Japanese companies are also purchasing oil from Russia, highlighting that India is not alone in its strategy.
India, the world’s third largest oil consumer and importer, relies heavily on imports for its energy needs, importing 88% of its oil. The country is also aiming to increase its energy consumption, with a focus on natural gas and renewable energy sources.
“We are brainstorming whether we should take [refining capacity] to 400 or 450 [million metric tons per annum],” Puri added, indicating a continued focus on expanding refining capacity.
However, the global rise in natural gas prices following Russia’s invasion of Ukraine has slowed India’s adoption of natural gas. Despite aiming to increase gas usage to 15% of the energy mix by 2030, India’s commitment to this goal depends heavily on price stabilization.
“If gas prices were to stabilize and come down then its share in our energy mix will go up,” Puri said.
Despite the challenges, India is actively pursuing international energy partnerships. The country has held discussions with Guyana, which has significant oil and gas reserves, and is also engaging in talks with the world’s top five oil and gas companies about potential exploration opportunities within India.
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