India isn’t overly dependent on anyone for oil — not even Russia, India’s Minister of Petroleum and Natural Gas told CNBC, adding that his country has diversified its sources.”India doesn’t get over dependent on anyone,” Hardeep Singh Puri told CNBC’s Tanvir Gill when asked if his country was too dependent on the Kremlin.Since Russia’s invasion of Ukraine in February last year, India’s refiners have been snapping up discounted Russian oil. Moscow has since leapfrogged to become India’s leading source of crude oil, accounting for about 40% of India’s crude imports.Sometimes high oil prices can become a self fulfilling prophecy in terms of resulting in meeting of immediate and short term needs.Hardeep Singh PuriIndia’s Minister of Petroleum and Natural GasIndia is the world’s third largest energy importer, and purchases more than 80% of its crude oil from international markets.Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: “Yes, there have been discounts. But there have been discounts coming from all over.””If there’s a 30% discount, the Russians are putting a ribbon around it and sending it to us free. That’s what it means,” Puri said.India has also been buying more from countries in the Middle East, such as Iraq, he added.”We’re diversified. We used to buy from 27 sources — today we are b …
