What Foreign Secretary Vikram Misri said on buying Russian Oil amid India-US trade deal?
Foreign Secretary Vikram Misri has responded to the question of buying oil from Russia amid India-US trade deal.
At a press briefing on Monday, Vikram Misri was asked, "Will India stop buying Russian oil, as the US has claimed?"
In response, Vikram Misri said that India is not dependent on any single source for oil, nor does it intend to be.
He said, "You know that India is essentially an importer in the oil and gas sector. We are a developing economy. We have to be conscious of the availability of our resources. Naturally, when you are dependent on an imported resource to the extent of 80-85%, you will be concerned about the cost of energy."
"Therefore, it is not surprising that our priority is to protect the interests of Indian consumers and to ensure that there is adequate energy available at the right price and through reliable and secure supplies."
He added, "In recent years, the global economy has faced considerable uncertainties. We are not dependent on any single source for this, nor do we intend to be."
He further said, "It is natural that the mix of sources changes from time to time, depending on market conditions. Our approach is to maintain multiple sources of supply and to diversify them as needed to ensure stability. So, I would say that the more diversified we are in this sector, the more secure we will be."
"As far as the actual sourcing of energy is concerned... you know that the actual sourcing is done by the oil companies. Public sector oil companies, private sector oil companies. And they make decisions based on market conditions."