India, the world’s third-largest oil importer on Friday said that it will source crude oil from any country, that offers cheaper and favourable terms.
While articulating India’s position, petroleum and natural gas minister Dharmendra Pradhan said India will take a decision while keeping its strategic and economic interests in mind. He was speaking at Times Network India Economic Conclave.
He added that India’s oil marketing companies are free to source oil from any part of the world.
“Whichever country will provide favourable business terms, whether it is America or Iraq or UAE or Saudi Arabia. India’ common man’ interest is paramount in our decision,” Pradhan said.
This comes in the backdrop of US crude oil exports to India jumping to 2.11 million metric tonnes in February, helping it dislodge Saudi Arabia as the second largest supplier to India. The Indian government is working on diversifying the country’s energy basket with crude oil supplies from non-Organization of the Petroleum Exporting Countries (Opec) sources, after the Opec-plus grouping’s decision to retain supply curbs.
“Its not the issue of we are going to be closer to whom. The issue is who is going to serve our interests. Today Iraq is the number one supplier of our requirement.