According to Bloomberg agency, Indian government officials have requested permission to purchase oil from sanctioned Iran and Venezuela in exchange for reducing oil imports from Russia. This was reported by Zamin.uz.
This was reiterated during an official visit by the Indian delegation to the US. As Indian representatives emphasized, the simultaneous withdrawal of major oil suppliers such as Russia, Iran, and Venezuela from the supply could lead to a sharp increase in oil prices in the global market.
For this reason, the country seeks to increase oil purchases from the US to prevent these problems. The negotiations took place after the US imposed strict tariffs on oil trade with Russia for India.
Nevertheless, although India has reduced oil imports from Russia, it has not stopped them. India's oil demand is mainly met through imports, and Russia's cheap oil is of significant importance to the country.
For example, in July, Indian oil refineries purchased Russian oil barrels at an average price of $68.90, Saudi Arabian oil barrels at $77.50, and US oil barrels at $74.20. Currently, India is the largest country purchasing Russian oil by tanker.
Additionally, Indian Trade Minister Piyush Goyal, who was in New York, openly expressed the intention to increase oil and gas purchases from the US. According to him, the US plays a significant role in India's energy security strategy.
This indicates the country's policy of ensuring stability in the energy sector and adapting to market conditions.
