India To Increase Oil Imports From Russia Amid Disruption In Supply From Saudi Arabia After Drone Attack

Amid the disruption in oil supply from Saudi Arabia due to rising tensions in Middle-East, India is looking to increase its oil exports from Russia in a bid to arrest the surging prices of the fuel, reports Hindu BusinessLine.

India's Petroleum Minister Dharmendra Pradhan met with former deputy prime minister of Russia and the incumbent Rosneft CEO, Igor Sechin on Tuesday (17 September), days after almost half of Saudi Arabia's oil production was suspended as an outcome of drone attacks from Yemen-based Houthi rebels.

“The developments in the energy markets, including global crude oil supplies, in the light of the recent attacks on Saudi Aramco’s facilities, was also discussed. In this context, a special focus was on increase of crude oil supplies from Russia to Indian refineries,” an official statement said.

Following the attack on Saudi Arabia's oil fields and crude processing facilities, the crude prices went as high as 19.5 per cent in a single day, leaving the markets and consumers in disarray and panic.

Trying to pacity the consumers, Pradhan told the media persons that India has already lifted half of the contracted supplies due for September from Saudi Arabia.

“We are still procuring crude and lifted quantities both yesterday and today. India is keeping a close watch on the situation in Saudi Arabia. We have held talks with Saudi Arabia on a diplomatic level,” Pradhan said.