India’s splurge on cheap Russian crude may be over, as New Delhi’s traditional suppliers in the Middle East step back in with attractive conditions.
“Our dependence on Russian oil is going to decrease sharply,” oil minister Hardeep Puri said in an interview. “The cost viability from the Gulf is much more attractive now.”
India’s consumption of Russian crude has soared since President Vladimir Putin’s invasion of Ukraine in February last year, ousting Saudi Arabia and Iraq from the top spots. From negligible levels, it soared to account for nearly half of supplies in May.
