India is looking to add Canada to its list of crude oil suppliers, according to the country’s envoy, a development that could open a meaningful new trade corridor between the two nations.
The signal comes as India continues to diversify its energy supply chain, reducing reliance on any single source or region. Canada holds the world’s third-largest proven oil reserves and has long sought to expand its export reach beyond the United States, which absorbs the vast majority of Canadian crude production.
High Commissioner Dinesh Patnaik commented at the Global Energy Show that Canadian crude is being considering for import, given the fact that India’s new refineries are able to process heavy crude. Officials are said to have met privately in relation to such supply agreements, although nothing formal has been established.
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As the world’s third-largest oil consumer and importer, India is projected to see demand grow substantially over the coming decades alongside its expanding economy. India’s state-linked refiners have shown a willingness to source crude globally, having significantly ramped up purchases of discounted Russian oil following Western sanctions.
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