The Government on Monday allayed apprehensions about shortage of crude oil due to the ongoing conflict in Ukraine and said import of oil from Russia is “miniscule.” Moreover, its relations in terms of oil trade with the US are robust.
Giving this assurance in the Rajya Sabha, Petroleum Minister Hardeep Puri also said the government is constantly reviewing the situation. He informed the house crude oil imports from Russia are miniscule at just 0.2 per cent of total such imports till January this fiscal.
"About the increased oil import concerns...We require total of five million barrels per day. Sixty per cent of it comes from Gulf.
We have imported from Russia, just 0.419 million metric tonnes...That is 0.2 per cent of total requirement (during April-January this fiscal),"
Puri said in the Rajya Sabha while replying to a supplementary to a starred question.
According to the written reply tabled in the House, in financial year 2020-21, India imported 85 per cent of its crude oil requirements and 54 per cent of its natural gas requirement.
According to Petroleum Planning and Analysis Cell (PPAC), India's major sources of crude oil imports are Iraq, Saudi Arabia, the UAE,
Nigeria and the US. Indian Oil and Gas Public Sector Undertakings had imported approximately less than 1 per cent of its total crude oil import from Russia in the year 2021-2022 (till January). He also said even now the total amount (of crude oil supply) contracted will be three days supply from Russia to India and that also spreads over next three to four months. Replying to another supplementary, he said, "Our oil companies have invested about USD 16 billion in Russia (since Vajpayee government's term). Some of those investments are very profitable."
About plans of certain companies to exit from Russia, he informed the House, "The discussion on whether western oil entities are exiting from some of these (oil and gas) facilities (in Russia)...We are in discussion with some of these western oil entities.
As regards oil trade with the US, he said in 2020-21, India imported 14 million metric tons of crude from the US. This represented 7.3 per cent of our requirement as against less than 1 percent from the Russian Federation.
"In the current (fiscal year) the imports from the US are likely to grow to 16.8 mmt or a value of about USD 10 billion of crude oil. If I add the amount of gas which we are importing and coal, I think the figure comes to USD 13.5 billion of imports from the US. There is a robust relationship and I see it continue for some time," he added.