Image Source - REUTERS
India Buying Russian Oil Prevented Global Price Shock at Critical Juncture
Union Petroleum and Natural Gas Minister Hardeep Singh Puri stressed India's importance in stabilizing the global oil price by buying oil from Russia during uncertain times. According to Puri, India's decision prevented a potential spike that may have led to prices touching $200 per barrel.
Smart Choices Stabilize Global Oil Prices
Speaking to CNN's Becky Anderson in Abu Dhabi, Minister Puri said that India has calmed the market and ensured continuous energy supplies. "If India hadn't bought Russian oil, prices would have shot up for everybody," Puri said about the crucial role India played while supporting a balanced global oil supply.
Image Source - Bloomberg
Energy Security Remains a Priority
Puri assured that oil will continue to be a great need for the global energy scene for many years. Even as he spoke of his optimism over a reduction in oil prices, he was confident that by 2026, stability would be reached since more energy would translate to lower costs.
India's Adaptability Amid Changing Market Conditions
On India's recent 10 percent reduction of importing oil from Russia, Puri clarified it as being market related rather than a strategic shift. "If one supplier does not meet our needs, others will," he noted, as explaining the competition.
India's Stand on Russian Oil: A Global Favour
India's potential consequences of redirecting its Russian oil demand elsewhere would have spooked the world to an extent that prices in the international market would have soared. "India's decision to buy Russian oil was a win-win situation," he said, underlining the global impact of India's decisions on energy policies.
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. Russian oil was never under any sanctions and there was only a price cap, which Indian entities also followed.
Let us not forget… pic.twitter.com/JZsvoFX74T— Hardeep Singh Puri (@HardeepSPuri) November 7, 2024
Oil Minister Defends India's Energy Policies on Social Media
On his X account, Puri repeated, "India did the world a favor by taking Russian oil. Without it, prices would have gone up to $200 a barrel." He added that no sanction existed for Russian oil except a price cap, which India strictly followed.
India's Stand: Cheap Energy for Citizens
For India, the two primary considerations are affordability and availability of energy, said Puri. The world's third largest oil consumer, with 7 crore citizens visiting fuel stations daily, it will be India's energy choices that the world watches with bated breath. The July report by CREA showed India's imports of oil from Russia now stand at nearly 40% of its total that had less than 1% before the Ukraine conflict.
With inputs from agencies
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