Petroleum Minister Hardeep Puri on Monday stated that India remains open to importing crude oil from all possible sources to meet its growing energy demands.
Speaking at a press conference ahead of India Energy Week 2025, Puri highlighted India’s efforts to diversify its crude imports, expanding from 27 supplier countries to 40. Argentina is the latest addition to this list.
“From 27 suppliers, we have now 40 suppliers. We added another Argentina the other day. So we’ve got imports from 40 countries,” Puri told reporters.
India’s crude imports from different suppliers fluctuate based on factors such as price advantage and proximity. Major suppliers include the US, Russia, Saudi Arabia, the UAE, and Iraq.
“It’s a very dynamic situation, but we are open to imports from all sources,” he added.
India relies on imports for over 80% of its crude oil requirements. To reduce dependency on foreign oil, the government has implemented measures to boost domestic production and promote alternative fuels. Efforts include expanding the use of natural gas as a fuel and feedstock, increasing its share in the economy, and supporting renewable and alternative fuels like ethanol, second-generation ethanol, compressed bio-gas, and biodiesel.
According to S&P Global Commodity Insights, India’s refined crude demand is expected to peak later than in other major economies, making the country a key driver of global oil demand. While alternative fuels are gradually reshaping energy consumption patterns, fossil fuel usage will remain significant in the foreseeable future, the firm noted.
S&P Global Commodity Insights forecasts that India’s refined product demand will reach 5.7 million barrels per day (b/d) by 2026.
