Union Petroleum Minister Hardeep Singh Puri announced on Monday that India has expanded its crude oil imports by adding Argentina to its list of suppliers, bringing the total number of sourcing countries to 40.

During a press conference ahead of India Energy Week 2025, Puri emphasised the nation's continued efforts to secure oil from diverse sources to fulfil its increasing energy needs.

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

India's crude oil imports vary depending on cost benefits and transportation factors. Key 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,” Hardeep Singh Puri further said.

India imports over 80% of its crude oil requirements. To address this reliance, the government has introduced several initiatives to increase domestic oil production and reduce dependence on foreign supplies. These efforts focus on expanding the use of natural gas as both a fuel and feedstock, as well as promoting renewable and alternative fuels like ethanol, second-generation ethanol, compressed bio-gas, and biodiesel.

S&P Global Commodity Insights predicts India's demand for refined crude will peak later than other major economies, making it a crucial contributor to global oil consumption. Although alternative fuels are gradually transforming the energy sector, fossil fuels are expected to continue playing a major role for the foreseeable future.

The company predicts India's demand for refined petroleum products will rise to 5.7 million barrels daily (b/d) by 2026.