NEW DELHI: Hours after U.S. President Donald Trump said Prime Minister Narendra Modi assured him of cutting procurement of Russian crude oil, India on Thursday said it is broad-basing and diversifying sourcing of petroleum product to meet market conditions.
“India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective. Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions,” Jaiswal said.
“Where the U.S. is concerned, we have for many years sought to expand our energy procurement. This has steadily progressed in the last decade. The current administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” he added.
India’s continuing purchase of petroleum products from Russia notwithstanding Western sanctions has become a major issue that resulted in a severe downturn in ties between New Delhi and Washington.
PTI/Agencies