Has India's Stance On Energy Sourcing Changed Ahead of 2026?

The Ministry of External Affairs (MEA) on Monday said it looks at energy sourcing from the prism of the dynamics in global market, and the need to meet energy requirements of 1.4 billion people at affordable rates.

MEA Spokesperson Randhir Jaiswal said, "India's energy sourcing relies on dynamics in global market, imperative to provide energy at affordable rates to 1.4 billion people."

Responding to a query on the corporate outlook on energy sourcing, he said, “As for private companies sourcing energy or buying oil, it is something that is for them to decide based on commercial considerations.”

Further, he noted,‘Both sides are keen to strengthen economic partnership through diversification of trade, through more investments and in pursuit of this agenda, several MoUs have been adopted. All these elements will go into giving strength and laying out the contours of the 2030 Economic Partnership."

Since the Russia-Ukraine war began, India's energy sourcing witnessed a surge, which is indicative basis the nearly $56 billion worth of crude oil India-based refiners brought from Russia in FY 25. 

Also Read: Has India's Stance On Energy Sourcing Altered Ahead of 2026?

India took a near-record 2.1 million barrels a day in June, or roughly 45% of its total imports, as per official data. 

The rise in Russian oil purchases were also credited to discounted price as a result of Russian oil growing particularly due to the price cap imposed by the G7 nations. 

However, the Kremlin Spokesperson Spox Peskov said, “India purchases energy resources where it is beneficial for the country," citing RT report. 

"And, as far as Moscow understands, our Indian partners will continue this line of ensuring their economic interests," he said. 

Meanwhile, Russian President Vladimir Putin in his latest visit to India, he said Kremlin would continue with “uninterrupted fuel supplies” to India. 

On the other India continues to ink a mutually-beneficial pact with the United States, which imposed punitive tariffs totalling the levy to 50% for purchasing Russian oil.