India's oil imports from US to rise

NEW DELHI, Mar 19 (Reuters): India's oil imports from the United States will rise by 11 per cent this year, officials said on Saturday, as the severely energy-deficient country looks to secure supplies from producers around the world, including heavily sanctioned Russia.

The surge in oil prices following Russia's invasion of Ukraine last month threatens to fan Indian inflation, stretch public finances and hurt growth just when it was emerging from a pandemic-induced slowdown.

New Delhi faces criticism from the West for its long-standing political and security ties with Moscow, with some saying that engaging in business with Russia will help fund its war.

India buys most of its oil from the Middle East, but the United States has emerged as the fourth-biggest source and this year supplies will rise substantially, a government official briefed on the matter told Reuters.

Iraq supplies 23 per cent of India's oil, followed by Saudi Arabia at 18 per cent and the United Arab Emirates at 11 per cent.