Nov 08, 2024 08:02 AM IST
Hardeep Singh Puri emphasised that Russian oil was not subject to sanctions, but only a price cap, which he assured Indian entities had adhered to.
India’s decision to buy oil from Russia amid global uncertainties helped avert a potential spike in global oil prices, Union petroleum and natural gas minister Hardeep Singh Puri said in a post on social media platform X on Thursday.
“India did the entire world a favour by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed to $200/barrel,” Hardeep Singh Puri wrote.
The Union minister emphasised that Russian oil was not subject to sanctions, but only a price cap, which he assured Indian entities had adhered to. He also pointed out that European and Asian countries had also engaged in significant energy purchases from Russia, stating, “Let us not forget that while some ill-informed commentators talked about putting restrictions on India, many other European and Asian nations bought much more crude oil, diesel, LNG, rare earth minerals worth billions of dollars from Russia.”
The minister further highlighted India’s commitment to sourcing energy at the best rates available. “We will continue to buy energy from whoever offers the best rates to our oil companies. That’s the confidence of PM Narendra Modi Ji’s leadership,” Puri noted, adding that ensuring “steady availability, affordability, and sustainability of energy” for India’s citizens remains a top priority.
According to Hardeep Singh Puri, around 70 million Indians visit petrol stations daily, underscoring the importance of reliable and affordable fuel.
Despite global price increases, Puri claimed that India remains the only major consumer nation to witness a significant decrease in fuel prices over the last three years, attributing it to the government’s proactive policies.
India, the world’s third-largest oil consumer, relies on overseas purchases for more than 80% of its oil needs.
Earlier this week, Puri called on Monday for discussions between oil producers and consumers to stabilise prices. Oil prices rose more than 2% following a decision by OPEC to delay by a month plans to increase output.
“I’m hoping as a professional that all the players in this game will see a reason that… both producers and consumers can sit down together, have a discussion on what is a realistic price because it is not as if some production is taken off,” Puri told news agency Reuters.
He reiterated that there was no shortage of oil as new producers were coming into the market while some countries were expanding their output.
Earlier on Monday, Puri met with HE Haitham Al-Ghais, secretary general of Organization of the Petroleum Exporting Countries (OPEC) at the ADIPEC conference in Abu Dhabi to discuss India’s partnership with OPEC.
After the meet, Puri shared the post on X and wrote, “We also took forward the enriching discussion we had during the 2nd edition of @IndiaEnergyWeek in Goa about ways to ensure that global oil markets remain balanced and predictable.”
Puri also emphasised India’s unique relationship with OPEC and stated, “India, the world’s 3rd largest importer of oil and OPEC, the grouping of major oil producers have a unique and symbiotic relationship.”
Hardeep Puri also inaugurated the India Pavilion and participated in the Global Leaders and Energy Transition Ministerial Panel.
Get Current Updates on…
See more
