India’s Foreign Secretary Vikram Misri has emphasised that national interests will guide the country’s energy sourcing decisions, amid reports of reduced Russian oil imports linked to a new trade framework with the United States.
On speculation that India is cutting back on Russian crude, Misri said that energy policy remains driven by the need to protect consumers in the world’s third-largest oil importer.
“You are aware that India is a net importer in the oil and gas sector. We are a developing economy; we have to be conscious about our resource availability,” he said.
He said, “So, it’s not surprising therefore that our foremost priority is to safeguard the interests of Indian consumers insofar as energy is concerned, to really ensure that they receive adequate energy at the right price and through reliable and secure supplies. And our import policy insofar as energy is concerned is therefore driven entirely by these objectives.”
Misri highlighted global uncertainties affecting energy markets and India’s role in promoting stability. “India certainly, and I would imagine a lot of countries around the world, if not every country, have a shared and common interest in ensuring stable energy prices and secure supplies,” he said. “And in fact, I would underline that India is not just one of the largest consumers of energy, but it also plays an important role as a stabilising factor in global energy markets.”
He explained India’s strategy of diversification: “And that’s one reason why we import energy from multiple sources. So, as I mentioned earlier, the key drivers of our energy policy are adequate availability, fair pricing, and reliability of supply.”
