India’s Ministry of External Affairs (MEA) has clarified the country’s position on importing crude oil from Iran, emphasising that such decisions are determined by “market factors and the prevailing global situation.” MEA spokesperson Randhir Jaiswal, during a recent weekly briefing, stated that India’s energy purchases are not dictated by political considerations alone but are instead based on pragmatic assessments of market conditions and international developments.

This clarification comes at a time of heightened tensions in West Asia, particularly following Israeli attacks on Iranian nuclear scientists and certain universities. The MEA expressed deep concern over the escalation, reiterating India’s commitment to peace and diplomacy.

Jaiswal highlighted India’s consistent advocacy for dialogue and a return to diplomatic engagement to restore regional peace, security, and stability. He also noted that India is closely monitoring updates from the International Atomic Energy Agency (IAEA) regarding radiation levels at the affected sites, and that so far, the IAEA has reported only limited radioactive contamination, with no significant nuclear material affected.

Amid these geopolitical uncertainties, India’s oil import strategy has evolved to hedge against risks associated with West Asian supply disruptions. The ongoing Israel-Iran conflict and threats to close the Strait of Hormuz—a critical chokepoint for global oil flows—have prompted Indian refiners to diversify their sources.

Indian oil imports from Russia and the United States have surged, with Russian crude now dominating the import mix and volumes from the US also rising sharply. This diversification aims to insulate India from potential supply shocks and price volatility linked to Middle Eastern instability.

While India currently does not import significant volumes of oil from Iran due to US sanctions, the MEA’s statement leaves the door open for future engagement should market conditions and the global situation permit. The government’s risk-hedged approach is evident in its increased reliance on Russian and US oil, as well as its readiness to utilise strategic reserves and implement domestic price support measures if needed.

India’s oil import policy remains flexible and market-driven, with a focus on ensuring energy security amid global uncertainties. The government continues to monitor regional developments closely, advocating for peace and diplomatic solutions while maintaining a pragmatic and diversified approach to energy sourcing.

Based On ANI Report