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India expands oil suppliers from 27 to 41 to mitigate market volatility

LNG suppliers have also grown from 6 to 15, while Russia remains India's top crude supplier.

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India has increased its number of oil suppliers from 27 to 41 and LNG exporters from 6 to 15 to reduce supply chain risks and market volatility, with Russia remaining its top crude provider.

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India has actively sought to diversify its energy import channels to manage global supply volatility and geopolitical tensions.

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NEW DELHI, August 10. /TASS/. India has increased its number of oil suppliers from 27 to 41 to mitigate risks associated with supply chains and global energy market instability, the ANI news agency reported, citing the Ministry of Petroleum and Natural Gas.

The number of nations exporting liquefied natural gas (LNG) to India has also grown from 6 to 15. Speaking in the upper house of parliament, India's Minister of State for Petroleum and Natural Gas, Suresh Gopi, stated that "diversification has reduced dependence on any particular country, region, or transit route and increased India's ability to cope with supply disruptions and market volatility." He added that amid ongoing geopolitical upheavals, the ministry continuously monitors risks to energy supplies and assesses global market conditions in coordination with state-owned oil and gas enterprises and other stakeholders.

Local media outlets note that Russia retains its position as India's top oil supplier, playing a key role in securing supplies amid heightened geopolitical uncertainty due to competitive pricing, reliable availability, and flexible logistics. Purchasing Russian crude has helped India mitigate losses from supply disruptions through the Strait of Hormuz and reduced its reliance on higher-cost imports from Atlantic Basin nations.

Alongside Russia, India's top five crude oil suppliers include the United Arab Emirates, Saudi Arabia, Brazil, and Venezuela.