- India continues to buy crude oil from sources offering the most competitive prices amid Hormuz tensions
- India has diversified crude oil sources from 27 to 40 countries to secure energy supplies
- India continues importing Russian oil under a US temporary waiver despite global objections
The Centre on Saturday said that India continues to buy crude oil from any source offering the most competitive prices, as tensions prevail along the Strait of Hormuz route because of the Iran-US-Israel war.
India's energy supplies remain secure despite the disruptions, the government said.
"Despite rising tensions on the Hormuz Route, India's energy supply remains secure and stable. India has diversified its crude oil sources from 27 to 40 countries, ensuring multiple alternative supply routes. In the national interest, India purchases oil from wherever the most competitive and affordable rates are available," the Centre said in a statement.
India also confirmed on Saturday that it is continuing to import Russian oil following a temporary waiver granted by the United States. The waiver was issued because of the war in the Middle East. The Centre has said that New Delhi does not require permission from any country to make such purchases.
"India has never depended on permission from any country to buy Russian oil," the Centre said. "India is still importing Russian oil even in February 2026, and Russia is still India's largest crude oil supplier. For three years of the Russia-Ukraine war, India kept buying Russian oil despite US and EU objections. Imports increased significantly after 2022 due to discounted prices and refinery demand."
According to the Centre, India holds more than 250 million barrels of crude oil and petroleum products in reserves and across its supply chain. This provides a buffer equivalent to seven or eight weeks of consumption. India's total refining capacity stands at 258 million metric tonnes per annum, which exceeds current domestic demand.
The US-Israel military actions against Iran and Tehran's retaliatory strikes across the Gulf have disrupted global energy flows and shipping routes, pushing oil prices sharply higher.
On Thursday, the United States temporarily eased sanctions on Russia so that oil from the country already loaded on vessels at sea could be sold to India.
"Suggesting a short-term waiver 'enables' these purchases overlooks that the trade has continued consistently. India is a net exporter of refined products to the world - a position that reinforces, not undermines, its energy security," the Centre said.
Earlier, in February, Washington had removed a 25 per cent tariff on Indian exports as part of an interim trade agreement. The US administration had claimed the move followed a "commitment" by India to stop buying Russian oil. No such commitment appears in the joint statement issued at the time, and the Indian government has neither confirmed nor denied the claim.
Global oil prices rose 8.5 per cent on Friday and had gained almost 30 per cent over the previous week. The surge followed comments by US President Donald Trump that only the "unconditional surrender" of Iran would bring an end to the conflict in the Middle East.
