Crude Import From Russia Less than 1% Of Total Imports Of State-run Oilcos
New Delhi, March 21: State-run oil and gas companies together imported less than 1 per cent of their total crude oil requirements from Russia in the financial year 2021-22 (till January), Petroleum Minister Hardeep Singh Puri said on Monday.
“Indian Oil & Gas Public Sector Undertakings had imported approximately less than 1 per cent of its total crude oil import from Russia in the year 2021-2022 (till January),” the Minister said in Rajya Sabha in a written reply.. “India imported only 0.419 Million Metric Tonnes (MMT) of crude oil from Russia, as compared to overall crude oil imports of 175.900 MMT,” he further said.
India is highly dependent on foreign countries for its energy requirements. In financial year 2020-21, it imported 85 per cent of its crude oil requirements and 54 per cent of its natural gas requirements. As per Petroleum Planning & Analysis Cell (PPAC), India’s major sources of crude oil imports are Iraq, Saudi Arabia, UAE, Nigeria and USA.
In written reply to a question on whether ongoing Russia-Ukraine conflict would impact India’s crude oil and gas imports from Russia, Puri said that government is closely monitoring the situation. He further said that no adverse impact on hydrocarbon energy agreements is currently foreseen. While global crude oil prices have been on the rise since beginning of the year, the recent Russia-Ukraine conflict intensified the surge.
Amid possibility of the situation easing and other global factors, the price has softened as much as 28% in the past two weeks. “Volatility in crude oil and larger financial markets reflects sensitivity to geopolitical developments however market focus has now shifted to central banks as well as China which means volatility may continue,” said Kotak Securities in its report on Monday.
