India’s energy import strategy will continue to prioritise affordability, reliability and supply security with diversification across multiple sourcing geographies, Foreign Secretary Vikram Misri said on Monday, amid sustained US pressure to move away from Russian crude.
“Our approach is to maintain multiple sources of supply and diversify them as appropriate to ensure stability. Therefore, the more diversified we are, the more secure we are,” Misri said. He was responding to a question seeking clarity on India’s position on the purchase of Russian oil after US President Donald Trump said last week that New Delhi had “committed to stop directly or indirectly” importing it as part of a trade deal.
Misri on ‘National Interest’
Misri underscored that national interest will guide both government and business decisions on crude sourcing. “We are a developing economy. We have to be conscious about our resource availability. Naturally, when you are dependent to the extent of 80-85% on an imported resource, you have to have concerns about the possibility of inflation driven by energy costs,” he said.
“It is not surprising that our foremost priority is to safeguard the interests of Indian consumers insofar as energy is concerned — to ensure that they receive adequate energy at the right price and through reliable and secure supplies,” Misri added.
Highlighting India’s broader role in the global energy ecosystem, Misri said the country is not just a major consumer but also a stabilising force.
Misri on ‘India as a stabilizing force’
“I would underline that India is not just one of the largest consumers of energy, but it also plays an important role as a stabilising factor in global energy markets, and that is one reason why we import energy from multiple sources,” he said.
The foreign secretary said India’s import data clearly reflects this diversification strategy.
“We import crude oil from dozens of countries. We are neither dependent on any single source for this, nor do we intend to be. It is natural for the mix of sources to vary from time to time depending on objective market conditions,” he said.
He stressed that India’s energy import policy is driven entirely by the objectives of availability, fair pricing and supply reliability. Misri pointed to recent global disruptions that have unsettled energy markets worldwide.
“You would also have observed that in recent years the global economy has faced significant uncertainties which have had a major impact on the stability of global energy markets. India — and I would imagine many countries around the world — have a shared interest in ensuring stable energy prices and secure supplies,” he said.
He also underlined that energy procurement decisions are taken by oil companies — both public and private — based on commercial assessments.
“They make decisions based on market conditions. They assess availability, risks and costs, and they also have internal accountability processes and fiduciary responsibilities. There is a rather complex matrix of financial and logistical issues that companies take into account at any given time,” Misri said.
Looking ahead, he said India’s energy sector would continue to be guided by business choices anchored in these market realities.