Jaishankar: Oil Purchases From US Are Up, And We’re Not Russia’s Top Buyer

MOSCOW- External Affairs Minister S. Jaishankar said that India’s oil purchase from the US has been consistently increasing, as the August 27 deadline set by the Donald Trump administration to impose additional 25 per cent tariffs on India for buying Russian energy inches closer.

During a press briefing, EAM Jaishankar said that India is not the biggest purchaser of Russian oil.

“That is China. We are not the biggest purchasers of LNG; that is the European Union. We are not the country which has the biggest trade surge with Russia after 2022; I think there are some countries to the South,” he emphasized.

“We are a country where the Americans have said for the last few years that we should do everything to stabilize the world energy market, including buying oil from Russia.”

“Incidentally, we also buy oil from the US, and that amount has increased,” Jaishankar told the media.

The EAM said it is not only about oil, but India and Russia are “going forward” in looking at nuclear energy, greater market access, fertilizers, and labor mobility—something which he is “really very satisfied with.”

According to official figures, India’s oil and gas imports from the US have jumped by as much as 51 per cent from January to June this year. The country’s liquefied natural gas imports from the US also nearly doubled to $2.46 billion in the financial year 2024-25 from $1.41 billion in 2023-24.

India has increased purchases of oil from the US, with Indian Oil Corporation, the country’s largest oil company, placing orders for around 2 million barrels of oil in August for October delivery. Indian Oil Corporation has bought another cargo of US crude in August for delivery in October.

India also bought 2 million barrels per day of Russian oil in August against orders placed in June and July to replace purchases from Iraq due to geopolitical tensions in the region. The increase in Russian flow was at the cost of purchases from Iraq and Saudi Arabia, according to Kpler data. (IANS)

(Courtesy: https://indiawest.com/)