NEW DELHI, March 3. /TASS/. India is considering a number of options to increase oil purchases in case of emergency, one of which is boosting energy supplies from Russia, the ANI news agency reported.
The risks for hydrocarbon supply routes to India from the Gulf countries through the Strait of Hormuz due to the Middle East tensions is one of the reasons for increasing purchases of Russian oil.
Complications with global supplies could potentially soften the US position, which would provide Indian companies with more opportunities to buy Russian oil, the Economic Times newspaper wrote. Russia can once again become a major source of energy security for India and help change the critical situation with energy supplies.
According to Kpler data, Russia maintained its status of India’s largest oil supplier in February. Oil deliveries totaled slightly over 1 mln barrels per day (mbd) compared to 1.1 mbd in January. Last month oil exports to the South Asian republic from Saudi Arabia surged to 30%, leading to notable changes in India’s hydrocarbon import structure.