The Indian government has stated it will continue purchasing crude oil from countries offering cheaper and better-quality oil, based on geopolitical conditions and non-sanctioned sources.
The Indian government has reaffirmed its commitment to sourcing crude oil from countries where it can obtain cheaper and superior quality resources, emphasizing the importance of meeting the nation's energy demands. Senior officials from the Ministry of External Affairs and the Ministry of Commerce shared this information with the Parliamentary Standing Committee on External Affairs, indicating a strategic approach to India's energy procurement amidst fluctuating global prices and regulatory environments.
Chairman of the committee, Shashi Tharoor, noted that the meeting lasted over three hours and included discussions involving 28 out of 30 committee members. A significant portion of the discussions was dedicated to India-US trade agreements and the India-European Union Free Trade Agreement (FTA), highlighting the intricate connections between trade and energy sourcing. Additionally, the officials addressed concerns about sourcing Russian oil and agricultural products, indicating a pragmatic approach to international relations and trade.
The committee members also reviewed discussions surrounding an 18% tariff, shedding light on economic considerations that influence India's trade negotiations. Tharoor mentioned that the government is keen on finalizing an interim trade agreement with the US, suggesting that these discussions could lead to beneficial outcomes for India’s economic landscape. This emphasis on securing cost-effective energy from global markets reflects India's broader strategy of ensuring energy security while navigating complex geopolitical dynamics.
