India commits to buying low-cost Russian oil amidst Western sanctions for Ukraine conflict.

India's Oil Minister Hardeep Singh Puri confirmed the country's commitment to purchasing low-cost Russian oil, despite Western sanctions related to the Ukraine conflict. India, the third-largest crude importer, relies on imports for 88% of its oil needs and became the largest buyer of Russian crude in July. The government plans to boost refining capacity and increase natural gas usage to 15% of its energy mix by 2030, while exploring global investment opportunities in hydrocarbons.

September 18, 2024
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