India has signed an agreement to purchase 60 million barrels of crude oil from Russia, as the government moves to secure energy supplies amid heightened tensions in West Asia.
The report said the ongoing Israel-Iran conflict has led to the closure of the Strait of Hormuz sea route, disrupting the movement of oil cargo ships and affecting regular supply lines.
With shipping constraints impacting imports, the Centre has begun steps to source crude through alternative routes and suppliers to ensure the country’s energy security.
As part of this effort, the Russia deal is meant to meet next month’s requirement and is higher than the volume bought in February.
According to a Bloomberg report cited in the update, India is also planning to import 8 million barrels of crude from Venezuela in April—significantly higher than the level imported in 2020—reflecting a broader push to reduce reliance on West Asia alone.
