New Delhi: India’s purchase of Russian oil during market unstability helped to stabilize global prices, preventing a potential surge to $200 per barrel in the market, according to Union Minister Hardeep Singh Puri he stated that India’s actions benefited all the nations, and highlighted the importance of securing the affordable energy for its citizens. In a conversation with CNN Becky Anderson at ADIPEC in Abu Dhabi on Thursday, Puri said that global oil prices could have reached 200 dollars per barrel had India not purchased Russian oil.
Oil remains crucial to global energy requirements for the foreseeable future, he indicated and when Puri was in an interview with Becky Anderson he said, “Earlier I said I hope there will be a reduction in oil price, today I will be more confident that there will be.” By 2026, when more energy is available in the market, AS a student of the situation, I think that the likelihood of prices remaining stable and coming down is higher, he said that also.
Puri attributed India’s October reduction in Russian oil imports by approximately 10% to competitive market rates. There are other people willing to supply at the same competitive rate because the OPEC position doesn’t deal with price, There’s healthy competition going on if you don’t get it from one, you get it from someone else, he explained.
Regarding strategic implications, Puri clarified There are oil decisions taken in the masterpiece, when we face February 22 there was 13 million barrels of Russian oil in the market suddenly if that oil is gone off the market and India had decided to shift it 5 million barrels of Russian oil to say suppliers in the Gulf, price of oil would have gone up to $200 a barrel so I think we did it everybody a favor.
He noted the advancements in green hydrogen and cleaner energy transition would alter global oil demand patterns within five years. On his twitter platform, Puri stated India did the entire world a favor by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed of $200 per barrel in the market. Russian oil would never under the sanctions and there was only a price cap, which Indian entities also followed. He criticised ill informed commentators, who suggested restrictions on India whilest European and Asian nations continued significant energy purchased from Russia.
