Wed Nov 27 06:19:21 UTC 2024: ## Russia Now India’s Top Crude Oil Supplier: Puri

**New Delhi, [Date]** – India’s reliance on Russian crude oil has dramatically increased, with Russia now supplying over 35% of the country’s imports, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri announced Tuesday. This marks a significant shift from February 2022, when Russia accounted for a mere 0.2% of India’s oil imports.

Speaking at the FIPI Oil and Gas Awards Ceremony, Puri attributed the surge to global price dynamics and availability, emphasizing that India balances long-term contracts with spot market purchases. While acknowledging the fluctuating nature of the percentage (currently above 35%), he clarified that the decision-making rests with India’s oil marketing companies, not the Ministry.

Despite the increased reliance on Russia, Puri highlighted India’s diverse energy partnerships, naming Saudi Arabia, the UAE, Iraq, Kuwait, and the US as other major suppliers. He noted that some partnerships are based on long-term agreements, while others are driven by spot market prices.

Beyond oil imports, Puri showcased India’s progress in the energy sector. He cited a three-year reduction in fuel prices—a global rarity—and highlighted the affordability of LPG cylinders, particularly for households under the Pradhan Mantri Ujjwala Yojana (PMUY).

Furthermore, India is aggressively expanding its energy exploration, aiming for one million square kilometers of acreage by 2030, a 16% increase by 2025. Significant progress in ethanol blending in petrol was also noted, increasing from 1.53% in 2014 to 16% in 2024, with a target of 20% by next year. This positions India as the second-largest economy in biofuel blending after Brazil. Finally, Puri announced that City Gas Distribution (CGD) coverage is expected to reach 100% in 2024, a massive increase from 5.5% in 2014.

Read More