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Title : Amid criticism over Russia's purchases, India's oil imports from the United States are on the rise
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Amid criticism over Russia's purchases, India's oil imports from the United States are on the rise

New Delhi: India’s oil imports from the United States are expected to rise by 11% this year, officials said on Saturday, adding that the country, which has a severe energy shortage, wants to get supplies from manufacturers around the world, including Russia.

The rise in oil prices following Russia’s occupation of Ukraine last month will hurt Indian inflation, prolong public finances and affect growth as it emerges from the recession triggered by the epidemic.

New Delhi faces criticism from the West for its long-standing political and security ties with Moscow, with some claiming that engaging in trade with Russia could help finance its war. Although India has called for an end to the violence in Ukraine, it has not voted against Russia.

Japanese Prime Minister Fumio Kishida met with his Indian counterpart Narendra Modi on Saturday and said he would promote an integrated approach to Ukraine.

India buys most of its oil from the Middle East, but the United States is the fourth largest source, and a government official told Reuters that supplies would rise significantly this year.

Iraq supplies 23% of India’s oil, followed by Saudi Arabia at 18% and the United Arab Emirates at 11%. The US share of the Indian market is expected to rise to 8% this year, according to an unnamed official, in line with government policy.

Russia has been a small participant in the Indian market, but its February 24 invasion offers discounted oil to mitigate the blow of tough sanctions imposed by the US and other countries.

Indian Oil Corporation, the country’s largest refinery, recently ordered 3 million barrels of Russian oil through a tender, while Hindustan Petroleum Corp has reserved 2 million barrels for May loading.

India welcomes competitive offers for oil sales, including in Moscow, especially in the face of rising global prices, another government official said, defending the decision to buy from Russia.

European countries continue to import Russian oil and gas, and India cannot be prevented from doing so, the second official said.

Western sanctions are aimed at preventing any impact on energy imports from Moscow, the official said, adding that Russian banks will be in the SWIFT network to pay for the sale.

The official said that India’s formal energy transactions should not be politicized. “Oil-rich countries or countries that import themselves from Russia cannot reliably support controlled trade.”

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