India cuts oil imports from Russia 28%, could reduce further - oil minister

MOSCOW. Jan 27 (Interfax) - India has cut oil imports from Russia by around 28% from their peak level due to new import sources, Indian oil minister Hardeep Singh Puri said at an energy conference on Tuesday.

The imports have decreased to 1.3 million barrels per day (bpd) from 1.8 million bpd and could be reduced further, Puri said in an interview with Bloomberg TV.

He said that India purchased oil from 41 countries, compared to the previous 27.

Puri also said that India was the world's third biggest oil importer and aimed to increase fuel trade with Canada and the U.S. The country is currently buying $15 billion of fuel from the U.S. each year, but Canada could also become one of its biggest suppliers. India has begun an intergovernmental dialogue with Canada on this matter.

Puri said that India was aiming to raise the share of gas in its energy mix to 15% and that the anticipated decrease in gas prices in the coming years would increase consumption in India, in industries such as fertilizer and electricity production.