Surrounded by Western criticism of India over the purchase of crude oil from Russia amidst its ongoing invasion of Ukraine, reports have now suggested that Indian oil imports from the US are set to rise by 11% this year.
India’s oil imports are majorly directed by Iraq which supplies 23% of our oil needs, followed by Saudi Arabia at 18% and the UAE by 11%. According to a Government source as reported by Reuters, the US is set to emerge as the fourth-largest player in India’s oil import market. With an overall increase of 11% as compared to last year, the US will now supply 8% of India’s total imports in crude oil.
This comes after India is facing a barrage of unworthy criticism from Western analysts over its purchase of crude oil from Russia amidst its invasion of Ukraine. While the Western countries have given clarion calls to boycott Russia, their experts and think-tankers all over the world tried mounting pressure on India for its deal with Russia. India went ahead with buying cheap crude oil from Russia in a deal that was signed recently. Top oil refineries in the country including the Indian oil corporation ordered 3 million barrels of Russian oil whereas Hindustan Petroleum ordered 2 million barrels of oil which will be unloaded in May.
It is notable that while European Union nations have imposed several sanctions on Russia, they themselves continue to import gas and oil from Russia. The European nations are heavily dependent on Russia for oil and gas, and therefore they have continued to pay Russian billions of dollars to buy the fuel. And at the same time, the same countries criticise India for importing Russian oil, despite that fact that Russia’s share India’s oil import is very less.
While India jumped on the opportunity to buy cheap oil from Moscow at discounted rates, it has also opened its gates for the US on the other side. India’s strategic geopolitics in securing its interests has been an act of maintaining a fine balance after the Russia-Ukraine crisis broke. Alike others, the country faces threats of rising inflation and restricted energy sources during its recovery from the pandemic-hit economy.
Talking about the western hypocrisy to challenge India, a government official told Reuters that India cannot be prohibited from importing Russian oil and gas when European countries continue to do so as well. “Countries with oil self-sufficiency or those importing themselves from Russia cannot credibly advocate restrictive trading,” said the official asserting that India’s legitimate energy demands should not be politicised.
