New Delhi, March 5 Russia has always been open to supplying crude oil to India, Russian Ambassador Denis Alipov said on Thursday, amid growing concerns over soaring prices of petroleum products in the context of the West Asia crisis.
Global oil and gas prices have surged after Iran has essentially blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, which handles approximately 20 per cent of global oil and LNG (Liquefied Natural Gas).
India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These primarily come through the Strait of Hormuz.
Any prolonged instability in West Asia is likely to be detrimental to India's national interests, as the region remains a major source of New Delhi's energy security.
"We have been open to supplying crude oil to India," Alipov told reporters in response to a question about Russian crude oil supplies to India in light of the West Asia crisis.
The US launched military strikes on Iran on February 28, killing Iranian Supreme Leader Ali Khamenei.
Following the military offensive, Iran has carried out a series of attacks, primarily targeting Israel and American military bases in several Gulf countries, including the UAE, Bahrain, Kuwait, Jordan, and Saudi Arabia.
In the last three days, the conflict has significantly escalated with attacks and counter-attacks by both sides.
India's procurement of crude oil from Russia has seen a sharp decline in the past few weeks.
US President Donald Trump, while announcing a trade deal with New Delhi last month, claimed that India had agreed not to procure crude oil from Russia.
In an executive order, Trump had revoked the additional 25 per cent tariffs on India that he had imposed in August last for India's procurement of crude oil from Russia.
In the order, the US stated that it would monitor whether India resumed Russian oil purchases directly or indirectly, and that would determine whether a 25 per cent tariff would be reimposed.
India has maintained that it will procure oil from multiple sources and diversify them to ensure stability in the supply chain, with national interests remaining the "guiding factor" for procurement.
