India’s decision to buy Russian oil kept the global price of oil from making a sharp jump, according to Union Petroleum and Natural Gas Minister Hardeep Singh Puri. Speaking at the ADIPEC conference in Abu Dhabi on Monday, Puri added that if India hadn’t bought Russian oil, world prices could have zoomed to $200 per barrel.
Puri told CNN’s Becky Anderson that for India, “steadiness in energy availability, affordability, and sustainability” were priorities. He pointed out that India is the world’s third-largest oil consumer and requires very stable, reliable energy sources to support the third biggest population. “We did the whole world a favor by stabilising global oil prices with our Russian oil purchases,” he noted.
India’s decision to buy Russian oil has reduced by 10%
He also referred to India reducing its imports of Russian oil by just over 10 percent recently, though he was quick to clarify that it wasn’t a strategic decision. “Other suppliers are offering competitive rates, and there is healthy competition,” said Puri, adding that India can procure oil at the best available price in such flexibility.
On the sentiment about future trends in energy, Puri expressed optimism that oil prices may stabilize or even drop a little more in coming years as a result of developments in greener technology and alternative sources of energy. “I think it will change very little by 2026, as soon as energy becomes freely available,” he said.
India will order oil only with best prices, claims Minister
Puri also took a swipe at X, formerly Twitter, responding to his detractors: “While some uninformed commentators are querying India importing Russian imports, other European and Asian countries have purchased greater quantum of Russian energy resources. We will continue to purchase from whomsoever is offering the best price,” Puri noted while highlighting that India is banking on economic sense in its energy policy.
The minister also reiterated India’s commitment to affordable energy for its citizens, a commitment that is not undermined by the pressures and challenges around the globe.
Also, see: Head of Microsoft’s AI unit Mustafa Suleyman says India is powerhouse of talent