National interest guiding factor in energy sourcing: Foreign Secretary Misri amid US claim
The Foreign Secretary said global energy markets had witnessed significant volatility in recent years, making diversification of sources a key pillar of India’s energy policy
India’s energy sourcing decisions are driven entirely by national interest, with priority given to affordability, availability, and reliability of supplies, Foreign Secretary Vikram Misri said on Monday, days after the US claimed that India has stopped buying Russian crude oil.
Responding to a query during a media interaction, Misri underlined that India, as a developing economy and a major net importer of oil and gas, had to remain acutely conscious of inflationary pressures and energy security.
“India is dependent to the extent of 80–85 per cent on imported energy resources. Naturally, our foremost priority is to safeguard the interests of Indian consumers and ensure adequate energy at the right price through reliable and secure supplies,” he said.
The Foreign Secretary said global energy markets had witnessed significant volatility in recent years, making diversification of sources a key pillar of India’s energy policy. India imports crude oil from dozens of countries. We are neither dependent on any single source nor do we intend to be,” he said, adding that the mix of suppliers could vary from time to time depending on objective market conditions.
Misri also emphasised India’s role as a stabilising factor in global energy markets, noting that stable prices and secure supplies were in the shared interest of countries worldwide. “The more diversified we are in this area, the more secure we are,” he said.
Clarifying that actual sourcing decisions were taken by oil companies, both public and private, Misri said these entities assessed a range of factors, including availability, cost, risk, financial considerations, and logistical constraints, before finalising purchases.
“At any given point, there is a complex matrix of issues that companies take into account while making business decisions,” he said.
The Foreign Secretary also said that whether at the level of government or business, national interest would remain the guiding principle. “What I can say firmly and confidently is that, at the end of the day, national interests will guide our choices,” he said.
