India Will Keep Buying Affordable and High Quality Crude Oil, Government Tells Lawmakers

New Delhi: The central government has informed a parliamentary committee that India will continue to purchase crude oil from nations that offer supplies at competitive prices and with reliable quality standards. Officials explained that Indian oil companies would make commercial decisions after assessing global political conditions and ensuring that the sources are not under international sanctions.
During a detailed meeting with members of Parliament, senior representatives from the ministries handling external affairs and commerce outlined the country’s approach to energy security and international trade negotiations. The discussion focused largely on the proposed interim trade arrangement with the United States and the ongoing free trade talks with the European Union. Lawmakers were briefed on how these agreements could shape future imports and exports.
The panel was told that India intends to finalise the interim agreement with the United States by the middle of next month, though finer details would become clear only after the text is concluded. Officials emphasised that trade policy is being framed with a long term perspective and with the objective of protecting national interests.
Members also examined the issue of tariffs to be imposed by Washington on Indian goods. It was explained that while some American products could enter India with minimal duties, Indian exports would face an 18 percent tariff in the United States. This rate is significantly lower than the earlier combined levy of 50 percent that applied to Indian goods, which included an additional charge linked to purchases of Russian oil.
The committee was further informed about the target of importing goods worth 500 billion dollars from the United States over five years. The government clarified that this figure is an aspiration rather than a binding obligation and would depend on market conditions and mutual demand.
On energy purchases, officials reiterated that India would explore options beyond traditional suppliers. With sanctions eased in certain regions, Indian companies now have the flexibility to buy oil from a wider range of producers, including the United States and Venezuela. The guiding principle, they said, would remain access to economical and dependable energy to meet the needs of the country.