Union Minister Hardeep Singh Puri said that a decision by India to purchase oil from Russia has so far checked the spiraling price of oil in the world market. In an interview, Puri said that global oil prices would have touched $200 per barrel if India had not purchased Russian oil.
Speaking in Abu Dhabi during the annual energy conference ADIPEC. Puri made it a point to stress that oil would be big in global energy for many years. The minister also looked confident about oil prices stabilizing. “Earlier I hoped for a reduction in oil prices, but today I’m more confident it will happen,” he said. Puri estimates that, with more energy available in the market by 2026, the price will stabilize and may even come down.
Puri also explained India’s move to cut oil imports from Russia by about 10% in October. He said this was for competitive oil rates from other suppliers. “There’s healthy competition in the market. If one supplier doesn’t meet the price, others will,” he added.
Excerpts from his interaction with ET Now whether this reduction was a strategic move, Puri explained that oil decisions are based on market positions. Indicating the fact that when Russia suddenly had 13 million barrels of oil. If India had shifted its 5 million barrels to Gulf suppliers, the prices would have gone through the roof. “We did the world a favor by keeping the prices stable.”
Puri also talked about the structural change in energy globally. He said that with the arrival of green hydrogen, with the arrival of cleaner energy, the demand for oil will see a structural shift over the coming five years.
“If India had not bought Russian oil, the prices could have gone through the roof to $200 per barrel,” he said in a post on X, formerly known as Twitter. He ripped critics of purchases by India of oil from Russia. Most European and Asian countries purchased oil and other resources from Russia in greater quantities, he added.
Puri underlined a solemn commitment by India to provide secure, steady, and reasonably priced energy to the country’s people. “India remains the only major consumer country where fuel prices have fallen amidst global increases,” he said. With 7 crore citizens visiting petrol pumps every day. India remains committed to securing the best energy deals for its people.
India is the third biggest oil consumer in the world, according to the International Energy Agency.
ANI