Contrary to what is played up in the media, Russian crude import is minuscule: Hardeep Singh Puri

New Delhi: Petroleum and natural gas Minister Hardeep Singh Puri has reacted to the media reports suggesting an increase in India's crude oil import from Russia. Puri has said that crude oil imports from Russia are minuscule at just 0.2 per cent of total such imports till January this fiscal. "About the increased oil import concerns… we require a total of five million barrels per day. Sixty per cent of it comes from the 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 told the Rajya Sabha while replying to a supplementary to a starred question.

Allaying fears of the short supply of crude oil amid the Russia-Ukraine conflict the cabinet minister said, "We are monitoring the situation. As far as oil imports are concerned from Russia, contrary to what is played up in the media, it is minuscule,".

According to the written reply tabled in the House, in 2020-21, India imported 85 per cent of its crude oil requirements and 54 per cent of its natural gas requirement. According to the Petroleum Planning & Analysis Cell, India's major sources of crude imports are Iraq, Saudi Arabia, the UAE, Nigeria and the US.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)