Agency, Oct 9. Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that no country has said that India should not buy oil from Russia. The minister said that the obvious reason behind procuring oil from the most convenient sources is that the Indian consumer population cannot indulge in such discussions.
Puri responded to a group of Indian journalists in Washington DC, where he held a meeting with officials from the Joe Biden administration. He said, ‘India will buy oil from wherever it wants. The simple reason for this is that such a discussion cannot be taken to the consumer population of India. Have someone told me to stop buying Russian oil? The answer is a clear ‘no’.’
The Russo-Ukraine war has disrupted the global energy system, as poor trade relations affected supply and demand patterns. The war has raised energy prices for many consumers and businesses around the world, hurting homes, industries and the economies of many countries. Western countries have gradually reduced their energy purchases from Russia.
However, to absorb the effects of rising energy prices, India’s crude oil imports from Russia have increased more than 50 times since April, accounting for 10% of all crude purchased from abroad. Russian oil was only 0.2% of all imported oil before the Ukraine war.
Responding to a question about India’s stand on buying oil from Russia, the Union Minister said, “If you are clear about your policy. Which means if you believe in energy security and energy affordability, you will buy from wherever you want to buy faster.” During the meeting, Puri also talked about the idea of the India-US Green Corridor. Not only this, he also highlighted the commitment of the US and India to accelerate an equitable and sustainable energy transition.
The Union Minister is leading an official business delegation in Washington DC and Houston from October 6 to 11. During his stay in Washington, he met with senior officials from the World Bank, Amos Hochstein, the President’s envoy for energy and infrastructure, and senior White House representatives. He is scheduled to meet energy business leaders in Houston on Saturday.
