India’s approach to oil import guided by its energy security requirements: MEA

India’s approach to importing oil will be guided by energy security requirements, the Ministry of External Affairs said on Thursday, despite media reports indicating disagreement in some Western capitals over keeping the price cap on Russian crude at $60 per barrel.

“We have repeatedly made it clear that our approach will be guided by our energy security requirements,” Ministry of External Affairs spokesperson Arindam Bagchi said at the weekly media briefing in response to queries concering price cap. 

According to a statement released by the G7 nations and Australia on Australia’s foreign office website, earlier in December, the G7 nations and Australia reached an agreement on a maximum price of 60 USD per barrel for seaborne Russian-origin crude oil, in line with the decision by the Member States of the European Union to endorse a price level for the price cap on seaborne Russian-origin crude oil.

Following the Russia-Ukraine war, G7 Finance Ministers initiated a price cap on Russian-origin crude oil and petroleum products, which would be implemented by each coalition member.

“The price cap on Russian-origin crude oil will enter into force across our jurisdictions on December 5, 2022 or very soon thereafter. Our respective regulations are expected to include a time-limited exception for transactions involving oil that is loaded onto a vessel at the port of loading prior to 5 December 2022,” G7 nations and Australia had said in a statement.

Russia is now India’s top oil supplier.