US oil imports from India will rise 11% this year, officials said Saturday, as the severely energy-deficient country seeks to secure supplies from producers around the world, including heavily sanctioned Russia. .
Rising oil prices in the wake of Russia’s invasion of Ukraine last month threatens to raise Indian inflation, strain public finances and cripple growth just as the country was emerging from a pandemic-induced slowdown.
New Delhi faces criticism from the West for its long-standing political and security ties to Moscow, with some saying doing business with Russia will help finance the war. India called for an end to violence in Ukraine but abstained from voting against Russia.
Japanese Prime Minister Fumio Kishida, meeting with his Indian counterpart Narendra Modi during a visit on Saturday, said he would encourage a unified approach to Ukraine.
India buys most of its oil from the Middle East, but the United States has emerged as the fourth largest source and this year supply will increase substantially, a government official briefed on the matter told Reuters.
Iraq supplies 23% of India’s oil, followed by Saudi Arabia with 18% and the United Arab Emirates with 11%. US share of the Indian market will rise to 8% this year, said the official, who spoke on condition of anonymity in line with government policy.
Source: CNN Brasil
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