Indias Foreign Secretary Vikram Misri affirmed that national interest will continue to shape the countrys energy decisions.
Foreign Secretary Vikram Misri stated on Monday that Indias energy decisions will remain guided by national interest. He emphasised that the countrys energy policy prioritises adequate availability, fair pricing, and reliable supply, amid reports of New Delhi reducing its oil imports from Russia.
During a Special Briefing by the Ministry of External Affairs , Foreign Secretary Vikram Misri stated that energy sector decisions, whether by the government or private businesses will be guided by national interests. He also clarified aspects of Indias actual oil sourcing arrangements.Foreign Secretary Vikram Misri clarified that oil companies base their procurement decisions on market conditions. These include availability, risk assessment, costs, and logistics, while following internal accountability and fiduciary duties.As far as the actual sourcing of energy is concerned, this is undertaken by oil companies, which make decisions based on market conditions. They assess availability, evaluate risks, analyse costs, and follow their internal accountability processes and fiduciary responsibilities. At any given time, there is a complex matrix of considerations, including financial and logistical aspects, that these companies must take into account, he stated.What you will continue to see in this sector are business choices being made based on these considerations. Whether it is the government or businesses, national interest will continue to guide our choices, he added.India relies heavily on oil and gas imports as a net importer and developing economy, Foreign Secretary Vikram Misri noted. The government stays mindful of resource availability and import dependences effects on inflation.He added that protecting Indian consumers interests remains the top priority.“India is a net importer in the oil and gas sector. We are a developing economy and have to be conscious of our resource availability. Naturally, when you are dependent to the extent of 80-85 per cent on imported resources, there is concern about the possibility of inflation driven by import costs. It is therefore not surprising that our foremost priority is to safeguard the interests of Indian consumers as far as energy is concerned, the Foreign Secretary said.Foreign Secretary Vikram Misri highlighted the volatility in global energy markets over recent years. He stated that India, like many other nations, prioritises stable energy prices and reliable supply. Misri also noted Indias role as a stabilising force in these markets.Our objective is to ensure that they receive adequate energy at the right price through a reliable and secure supply. Our import policy, insofar as energy is concerned, is driven by these objectives, Misri said.In recent years, the global economy has faced significant uncertainties, which have had a major impact on the stability of global energy markets. India, along with many other countries, shares a common interest in stable energy prices and a stable supply. I would underline that India is not only one of the largest consumers of energy but also plays an important role as a stabilising factor in global energy markets. That is why we import energy from multiple markets, he added.Foreign Secretary Vikram Misri emphasised that India diversifies its crude oil imports across dozens of countries rather than relying on a single source.He noted that the mix of import sources naturally shifts with market conditions.The key drivers of our energy policy are adequate availability, fair pricing, and reliability of supply, Misri stated. If you look at the data, we import crude from dozens of countries. We do not depend on a single source, nor do we intend to. It is natural for the mix of sources to vary from time to time depending on objective market conditions. Our objective is to maintain multiple sources and diversify them to ensure stability. The more diversified we are in this area, the more secure we are.
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