India has defended its decision to look for "good deals" for its energy requirement as oil prices go up
The government has strongly denied news reports about crude oil purchases from Russia, calling them "concocted 'source-based' stories". The articles, the government said, are attempting to "sensationalise routine purchase of crude oil" and they are "part of a pre-meditated attempt to further destabilize an already fragile global oil market".
"The comparison of selective data in the article in order to produce a false narrative is clearly a part of an orchestrated campaign," the government said, pointing out that India needs around 5 million barrels daily.
"Indian Energy companies buy from all major oil producers in the World... Our top 10 import destinations are mostly from West Asia. In the recent past, USA has become a major crude oil source for India, supplying almost $13 bn worth of energy imports, with almost 7.3% of market share of crude oil imports," the statement read.
The government's statement comes amid Prime Minister Narendra Modi's visit to three European nations -- Germany, Finland and Denmark -- where feelings are running strong against imports from Russia in the backdrop of the war in Ukraine.
India has defended its decision to look for "good deals" for its energy requirement as oil prices go up. The country's purchases from Russia are a fraction of Europe's, New Delhi had pointed out.
Last month, foreign Minister S Jaishankar had said, "If you look at the major buyers of oil and gas from Russia, I think you will find most of them are in Europe".
Even in its statement today, the Centre pointed out that despite the "challenging times, it is important for the Government to ensure access to affordable energy to our citizens".
"India has been constrained to pay ever increasing prices charged by certain oil suppliers, which is leading India to diversify its sources of procurement… Indian Energy companies have been sourcing energy supplies from Russia, on a sustained basis, over past several years," the statement read.
"Yearly figures may have varied due to variety of reasons, including operational necessities. If suddenly, now, as a huge importer of crude oil, India pulls back on its diversified sources, concentrating on the remaining, in an already constrained market, it will lead to further volatility and instability, jacking up international prices," it added.