Russia offers to boost oil, LNG supplies to India amid West Asia conflict
Russia signals readiness to expand oil, LNG, and fertiliser supplies to India as Strait of Hormuz disruptions drive global energy volatility.
Amid the escalating West Asia conflict that has disrupted global fuel supply, Russia has offered to increase the supply of crude oil and natural gas to India.
The issue of energy cooperation between the two countries figured prominently in meetings Russia's First Deputy Prime Minister Denis Manturov held with National Security Advisor Ajit Doval and External Affairs Minister S Jaishankar on Thursday, reported PTI, quoting sources.
According to a release issued by the Russian government on the First Deputy Prime Minister's engagements in New Delhi, special attention was accorded to bilateral cooperation in the oil and gas sector.
"Denis Manturov confirmed that Russian companies have the capacity to steadily increase supplies of oil and liquefied natural gas to the Indian market," stated the release.
Hormuz disruption impact
The developments come at a time when the global fuel supply chain is facing severe disruption due to the ongoing war between Iran, the US and Israel, the Islamic Republic blocking the Strait of Hormuz and launching strikes on the energy infrastructure of neighbouring Gulf states in retaliation for the attacks by the US and Israel.
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Global oil and gas prices have surged after Iran virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas). West Asia has been a major source of India's energy procurement.
Trade talks and targets
Various issues relating to bilateral ties were deliberated extensively at the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC). It was co-chaired by Manturov and Jaishankar.
Also Read: UK-led coalition of over 35 nations to explore reopening of Strait of Hormuz
Expanding mutually beneficial trade, investment, and industrial cooperation was one of the key topics on the agenda, the Russian readout said.
"Specific steps were discussed to create favourable conditions for increasing bilateral trade turnover in the present context," it said.
Manturov noted that Russia increased supplies of fertilisers to India by 40 per cent by the end of 2025 and is ready to continue meeting India's needs, it said.
Wider cooperation reviewed
The Ministry of External Affairs (MEA) said both sides held wide-ranging discussions focusing on trade, industry, energy, fertilisers, connectivity and mobility in addition to new opportunities in technology, innovation and critical minerals.
The two sides also reviewed the progress on the implementation of the various outcomes of the 23rd India-Russia Annual Summit held in December last year, it said.
Also Read: Sufficient crude oil supplies for two months: Govt amid West Asia crisis
Russian President Vladimir Putin visited India for the summit. Following the summit talks between Modi and Putin, India and Russia unveiled a raft of measures, including a five-year roadmap to build a robust economic partnership and to increase the annual trade to USD 100 billion by 2030.
Jaishankar and Manturov also exchanged views on regional and global developments, including the conflict in West Asia, the MEA said.
The Russian readout also mentioned bilateral cooperation in the civil nuclear energy sector.
"As emphasised by Denis Manturov, Russia sees significant prospects for deepening engagement with India in this sphere," it said.
(With agency inputs)