Russia Boosts Oil and Gas Supply to India Amid West Asia Crisis

Strengthening Energy Ties

New Delhi: As the crisis in West Asia continues to create instability in the global energy sector, Russia has proposed to enhance its crude oil and natural gas supplies to India. This development comes as both nations aim to strengthen their bilateral relations further.

Energy collaboration was a key focus during discussions held by Russia's First Deputy Prime Minister, Denis Manturov, with India's National Security Advisor Ajit Doval and External Affairs Minister S. Jaishankar on Thursday, according to sources familiar with the meetings.

Manturov also engaged with Finance Minister Nirmala Sitharaman and met Prime Minister Narendra Modi later that evening.

A statement from the Russian side highlighted that significant attention was given to cooperation in the oil and gas sectors.

Manturov confirmed that Russian firms are well-equipped to consistently boost oil and liquefied natural gas supplies to India.

These remarks come in light of ongoing tensions in West Asia, which have disrupted crude oil and gas supplies through the vital Strait of Hormuz.

The global prices for oil and gas have surged following Iran's near-total blockade of this crucial shipping route, which accounts for about 20% of the world's oil and LNG transport. West Asia remains a primary source for India's energy needs.

The India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) extensively discussed various aspects of their bilateral relationship, co-chaired by Manturov and Jaishankar.

One of the main agenda items was to enhance trade, investment, and industrial collaboration, as noted in the Russian statement.

Specific measures were proposed to create favorable conditions for increasing trade between the two nations in the current context.

Manturov pointed out that Russia had ramped up fertilizer supplies to India by 40% by the end of 2025 and is prepared to continue fulfilling India's requirements.

The Ministry of External Affairs (MEA) reported that discussions covered a wide range of topics, including trade, industry, energy, fertilizers, connectivity, mobility, and new opportunities in technology, innovation, and critical minerals.

Both parties also reviewed the progress made on the outcomes from the 23rd India-Russia Annual Summit held in December of the previous year.

During this summit, Russian President Vladimir Putin visited India, where Modi and Putin announced several initiatives, including a five-year plan to strengthen economic ties and increase annual trade to USD 100 billion by 2030.

Jaishankar and Manturov also shared insights on regional and global issues, including the ongoing conflict in West Asia, as stated by the MEA.

The Russian statement further emphasized the potential for collaboration in the civil nuclear energy sector.

Manturov highlighted that Russia sees considerable opportunities for deepening its partnership with India in this area.