In New Delhi, Foreign Secretary Vikram Misri stated on Monday that India will maintain multiple sources for crude oil purchases and diversify them to ensure supply chain stability, with national interests remaining the "guiding factor" for procurement, amidst a controversy over Washington's claim that New Delhi had agreed to stop importing Russian oil.
This was New Delhi's first clear statement on the issue, following US President Donald Trump's decision to roll back 25% tariffs on Indian goods, contingent on New Delhi discontinuing the purchase of Russian oil.
Misri emphasized that India's procurement policy prioritizes adequate availability, fair pricing, and reliable supply, suggesting that New Delhi is unlikely to sever ties with Moscow.
"National interests will be the guiding factor for us in our energy procurement choices," he said.
Misri also stated that India's "primary priority" is to protect the interests of Indian consumers, ensuring they receive adequate energy at the right price and through secure supplies.
"Our import policy regarding energy is entirely driven by these objectives," he said during a press conference in response to a question about whether India would stop buying Russian crude oil.
"We are not dependent on a single source, and we do not intend to be. It is natural for the mix of sources to vary depending on market conditions," he added.
"The more diversified we are in this area, the more secure we are," he said.
President Trump had previously claimed that India had agreed not to procure crude oil from Russia.
Misri acknowledged that global energy markets are facing uncertainties, and that India, along with many other countries, shares a common interest in ensuring stable energy prices and secure supplies.
"India is not just one of the largest energy consumers; it also plays an important role in stabilizing global energy markets," he said.
"Our energy policy prioritizes adequate availability, fair pricing, and reliable supply," he added.
Misri explained that India imports crude oil from dozens of countries.
"Oil companies make decisions based on market conditions," he said.
Misri also highlighted the importance of internal accountability and fiduciary responsibilities for oil companies in the market.
"Companies have to consider a complex matrix of issues, including financial and logistical aspects," he said.
"I expect that business choices will be made based on these considerations," Misri said.
Misri reiterated that national interests will be the guiding factor for India's energy procurement choices.
