Mumbai: Brent crude prices have remained steady, trading between $67-$69 per barrel, with no fresh global triggers driving volatility, and India’s Russian oil buying has kept the prices in check, a report showed on Friday.
India, among the biggest importers of crude oil, has reiterated that its top priority is ensuring affordable energy for its citizens.
“The country’s imports currently stand at around 1.50 million barrels per day — a level expected to hold steady — with Russian supplies playing a critical role in keeping costs down,” according to the report by Emkay Wealth Management Ltd, the wealth management arm of Emkay Global Financial Services.
The next big move will hinge on how US sanctions and tariff policies unfold in the coming months, the report mentioned.
China, too, is ramping up Russian oil purchases to meet domestic demand.
The report further stated that with both India and China sourcing heavily from Russia, oil prices are expected to remain range-bound, a trend that comes as a relief to importing nations.
Lower energy costs are particularly significant for India, where they help cushion inflation and stabilise the broader economy.
As energy security moves back into the global spotlight, India’s strategy of securing affordable crude supplies underscores the delicate balance between geopolitical shifts and domestic economic priorities, said the report.
Meanwhile, US Energy Secretary Chris Wright has hailed New Delhi as an “awesome ally” and said he is a “huge fan of India,” while calling for deeper energy cooperation between the two countries.
Addressing a press conference in New York this week, Wright praised the country as a “dynamic society” with a “rapidly growing energy demand.”
“A lot of my early time when I arrived in my position was dealing with India, the world’s largest democracy, an awesome ally of the United States, a fast-growing economy, a truly dynamic society that has rapidly growing energy demand because people are increasing their prosperity, their opportunities. I’m a huge fan of India. We love India,” he added.
His statement comes as Commerce and Industry Minister Piyush Goyal also called for expanding India-US energy trade.
(IANS)
