India Says Gulf Countries Remain Major Oil Suppliers

India Says Gulf Countries Remain Major Oil Suppliers

India is the third largest oil consumer in the world and accounts for 30 percent of global consumption, announced Indian Energy Minister Hardeep Singh Puri.

The Minister asserted that India diversified its sources of energy imports but would continue to buy most of its oil from the Middle East for a long time.

"I continue to maintain that the Gulf, countries of the gulf, will continue to be major suppliers and account for a large percentage of our imports for a long time to come," Hardeep Singh Puri told reporters at India Energy Week.

He also said India would consider buying oil from Iran and Venezuela if sanctions are lifted and would continue purchases from Russia if prices "continue to be good."

Oil prices rose during Wednesday's trading, despite their decline in the middle of the session, after the release of US Energy Information Administration data.

Comments from US Federal Reserve Chair Jerome Powell on Tuesday were seen as less hawkish than feared, boosting risk appetite and weighing on the dollar.

A weaker US currency makes dollar-denominated oil cheaper for buyers holding other currencies.

Brent crude futures rose 0.4 percent to $84.03 a barrel, while US West Texas Intermediate crude rose 0.8 percent, to $77.80 a barrel,