India has further diversified its crude oil imports, now sourcing from 40 countries, with Argentina joining as the latest supplier, Union Petroleum Minister Hardeep Singh Puri announced on Monday.

Speaking at a press conference ahead of India Energy Week 2025, Puri highlighted the country’s ongoing efforts to secure oil supplies from multiple sources to meet its growing energy demands.

“From 27 suppliers, we have now expanded to 40 suppliers. We recently added Argentina to the list,” Puri told reporters.

India’s crude imports fluctuate based on pricing advantages and logistical considerations. Major suppliers include the United States, Russia, Saudi Arabia, the United Arab Emirates, and Iraq.

“It’s a very dynamic situation, but we are open to imports from all sources,” the minister added.

India relies on imports for over 80% of its crude oil needs. In response, the government has implemented various initiatives to boost domestic oil production and reduce dependence on foreign crude. Efforts include promoting natural gas usage as a fuel and feedstock, encouraging renewable and alternative fuels such as ethanol, second-generation ethanol, compressed bio-gas, and biodiesel.

According to S&P Global Commodity Insights, India’s refined crude demand will peak later than in other major economies, positioning the country as a key driver of global oil consumption. While alternative fuels are gradually reshaping the energy landscape, fossil fuel usage is expected to remain significant in the foreseeable future.

The firm forecasts that India’s refined product demand will reach 5.7 million barrels per day (b/d) by 2026.

(Inputs from ANI)