The central government said on Thursday that safeguarding the interests of domestic consumers in a volatile energy scenario has been its “consistent priority”. Responding to media queries on the country’s energy sourcing policy, External Affairs Ministry spokesperson Randhir Jaiswal reiterated that India is a “significant importer of oil and gas” and its import policies are “guided entirely by this objective”.
In a more than 100-words-long post on microblogging site X (formerly Twitter), Jaiswal wrote that expanding energy procurement from the US has ‘steadily progressed over the last decade. “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,” he wrote.
As far as the US is concerned, the government has for years sought to expand its energy procurement, stated the MEA spokesperson.
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He also said that the US government has shown interest in deepening energy cooperation with India. Discussions in this regard are on, he said.
India-US energy relations
India and the US — the fourth-largest and the largest economies — have vowed to enhance their energy ties, particularly in areas like crude oil and natural gas.
India imports energy to the tune of $12-13 billion from the US annually — with crude oil and natural gas forming the lion’s share of this trade. India remains focused on diversifying sources and reducing dependency on any one country. The Asian country’s energy policy prioritises stable prices and secured supply.
There have been repeated rounds of trade talks between both sides, with Indian and US officials confirming ongoing discussions and negotiations.
India has expressed its willingness to buy more US energy if prices and supply match its domestic needs.
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India’s Russian oil imports and US tariffs
In August, an additional tariff of 25 per cent on Indian goods — taking the total duty to 50 per cent — took effect in connection with the US’ criticism of India’s continued import of Russian oil.
India has repeatedly expressed its firm stance that its energy import policies are driven primarily by the need to safeguard the interests of domestic consumers, and continues to consider Russia a key supplier of crude oil.
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