An Indian government source said New Delhi was scouting for alternative supply to prepare for continuing conflict in the Middle East beyond 10–15 days. The industry source, speaking on condition of anonymity, said Russia was ready to help India meet up to 40% of its crude needs. US President Donald Trump last month agreed to drop punitive tariffs levied on imports from India over its purchase of Russian oil, saying New Delhi had agreed to "stop buying Russian oil." An Indian source said days before the Iran war that Indian companies had not been told to shun Russian oil. The source said Russia was also ready to sell liquefied natural gas to India after top supplier Qatar halted production on Monday as the conflict widened.

Source: The Edge Markets March 04, 2026 11:39 UTC