After Trump’s claim, India prioritises energy security; Russia says oil trade to go on

India has defended its energy policy as serving the interests of its citizens after US President Donald Trump claimed Prime Minister Narendra Modi had assured him that the South Asian country would stop buying oil from Russia.

While New Delhi neither confirmed nor denied any policy shift, Moscow expressed confidence that its energy partnership with India would continue, calling the cooperation economically sound and mutually beneficial.

"It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario," Indian Foreign Ministry spokesman Randhir Jaiswal said in a statement on Thursday.

"Our import policies are guided entirely by this objective."

Indian Prime Minister Narendra Modi has previously defended buying oil from Russia, a historic partner of India, despite Moscow’s war in Ukraine.

Trump, in August, raised tariffs on Indian exports to the United States to 50 percent, with Trump's aides accusing India of fuelling the war in Ukraine.

"Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy," Jaiswal added.

"This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions."

India, one of the world's largest crude oil importers, relies on foreign suppliers for more than 85 percent of its oil needs.

New Delhi traditionally relied on Middle East nations.

But since 2022, it shifted sharply toward discounted Russian crude, taking advantage of a buyer's market created by Western bans on Moscow's exports.

"Where the US is concerned, we have for many years sought to expand our energy procurement," Jaiswal said.

"This has steadily progressed in the last decade. The current administration has shown interest in deepening energy cooperation with India. Discussions are ongoing."

Russia confident energy partnership will continue

Meanwhile, Russia said on Thursday it was confident its energy partnership with India would continue.

"We continue to cooperate with our friendly partners," Deputy Prime Minister Alexander Novak said, referring to India.

"Our energy resource is in demand, it's economically advantageous and practical, and I'm confident that our partners will continue to work with us, interact, and develop energy cooperation."

India's MRPL seeks cheaper oil amid US pressure

India's Mangalore Refineries and Petrochemicals is scouting for oil from alternative sources sold at a discount while hoping to continue buying Russian oil, its managing director Mundkur Shyamprasad Kamath said on Wednesday.

Indian refiners have taken advantage of the discounted prices Russia has been forced to accept for its oil after the US and the European Union imposed sanctions on Moscow in 2022.

Russian oil accounted for about 35 percent to 40 percent of MRPL's overall oil imports in the September quarter, he said.

MRPL operates a 300,000 barrels per day refinery in the southern state of Karnataka.

"We have already started looking at other crudes which are available on discount by our own methods of sourcing crude," Kamath told analysts on a call, adding the government has maintained that India will continue to favour the lowest cost sources.

"So we are confident that it will continue in the near future," he said, referring to Russian oil imports.

He said his company would look at buying US oil, but it had not been attractive in previous quarters.

"And on an economic basis, I am confident that we will be able to sail through," he said.

Transneft says Russian companies have not reduced oil supplies

Russian oil companies have not reduced supplies to the network of pipeline monopoly Transneft, and deliveries this year are seen on a par with 2024, a senior Transneft official said on Thursday.

Maxim Grishanin, the company's first vice president, also said the company's cash deficit was rising due to a higher tax burden, and it had to shelve some projects while allocating funds mainly to support current assets.

Transneft transports more than 80 percent of all the oil produced in Russia.