US-Russia Energy Rivalry Heats Up as India Tries to Balance Relationships
India's energy landscape is becoming increasingly contentious as it struggles to balance its relationships with both Russia and the United States. According to data from energy analytics firm Kpler, Russia currently supplies more than 50% of India's crude oil imports, while the US has surged to become the country's top supplier of liquefied natural gas (LNG) and liquefied petroleum gas (LPG).
Russia maintains its dominance in India's crude oil supply, with President Putin stating that 'Russia is expanding its exports to India and is prepared to continue doing so.' Russia supplied approximately 2.8 million barrels per day of crude oil to India in June and July, accounting for more than 50% of the country's total oil imports.
The US has been trying to capitalize on this opportunity by urging New Delhi to purchase Venezuelan crude oil as a substitute for Russian crude. According to Kpler data, India's crude oil imports from Venezuela increased significantly in August, with the country becoming India's fourth-largest supplier.