Russo-Ukraine war will affect the supply of crude oil, Petroleum Minister made this statement in Rajya Sabha

Crude oil imports from Russia are less than one percent. In the current financial year till January, it is only 0.2 per cent of the total imports.

India needs a total of 5 million barrels per day.

Russo-Ukraine War (Russia-Ukraine conflict) because of Crude oil ,Crude OilAllaying the apprehensions of shortfall in supply, Petroleum and Natural Gas Minister Hardeep Singh Puri said in the Rajya Sabha on Monday that the import of crude oil from Russia is less than one percent. Puri gave this information in reply to supplementary questions during Question Hour in the Upper House and said that in the current financial year till January it is only 0.2 per cent of the total imports. He said, we need a total of 5 million barrels per day. 60 percent of this comes from the Gulf. We have imported only 4.19 lakh metric tonnes from Russia which is 0.2 per cent of the total imports (during April-January in this financial year).

“We are monitoring the situation,” he said. As far as oil imports from Russia are concerned, contrary to what has been reported in the media, it is very less. Let us tell you that Indian Oil Corporation Limited (IOCL) has entered into an agreement with a Russian oil company for import of 3 million barrels of crude oil.

Crude oil imports from Russia less than 1% of the total volume

He said that in the financial year 2020-21, India imported 85 percent of its crude oil requirement and 54 percent of its natural gas requirement. India imports crude oil mainly from Iraq, Saudi Arabia, United Arab Emirates, Nigeria and America. Crude oil imports from Russia account for less than one percent of the total volume.

He said that in the current situation of extreme volatility in the global energy market, the government is closely monitoring the situation and at present there is no adverse impact on hydrocarbon energy agreements.

Puri said Indian oil companies have invested around USD 16 billion in Russia (since the tenure of the Atal Bihari Vajpayee government) and some of those investments are quite profitable.

14 million tonnes of crude oil imported from America

In 2020-21, India imported 14 metric million tonnes of crude oil from the US. This represents 7.3 per cent of our requirement compared to less than 1 per cent from the Russian Federation. In the current financial year, imports from the US may increase to 16.8 million tonnes or about $10 billion of crude oil.

If we add up the amount of gas and coal that is imported, then I think this figure is about 13.5 billion dollars of imports from the US. “There is a strong relationship and I think it will continue for some time,” he said.

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