New Delhi, May 29 (IANS) India is diversifying its sources of oil and gas imports to make up for the shortfall in supplies caused by the choking of the Strait of Hormuz amid the West Asia crisis, a senior official said on Friday.

“Energy security is very important for us. We are trying to diversify our sources from across the world, and that is our policy at present. We welcome whatever support we can receive from various markets around the world,” said Randhir Jaiswal, the Ministry of External Affairs spokesman.

He also said that 11 Indian-flagged vessels are still stuck in the Persian Gulf region.

“As many as 14 ships that were also in the Persian Gulf have already returned; they were able to cross the Strait of Hormuz and have reached India,” Jaiswal added.

Meanwhile Indian oil companies have been buying more oil from Russia and African countries such as Nigeria and Angola.

India’s crude sourcing decisions were driven primarily by commercial considerations and adequate supply availability, a Petroleum Ministry official said.

There was no shortage of crude supplies and enough volumes had been tied up through long-term arrangements.

India, the world’s third-largest importer of oil, sharply increased purchases of Russian oil to take advantage of lower prices, helping domestic refiners manage elevated global energy costs.

In recent months, US sanctioned certain Russian entities, including its largest crude oil suppliers — Rosneft and Lukoil as well as ships and financial channels. This led to a brief moderation in purchases last year but the waivers led to Indian refiners stepping up purchases again.

Russian oil imports into India are expected to average close to near record levels at 1.9 million barrels per day in May, according to data from Kpler.

The purchase of Russian crude is taking place at a time when the prices of benchmark Brent crude have shot past $100 per barrel.

India’s purchase of Russian oil has helped to cool down runaway prices in the global market by easing the pressure on overall demand for oil.

–IANS

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