Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday expressed confidence that global oil prices could see a decline in the coming months. He also played down concerns about possible US sanctions over India’s continued purchase of oil from Russia.
“The price of oil will come down as more sources of supplies are coming. We have enough oil around,” Puri said, underlining India’s strategy of tapping into a wider pool of suppliers to ensure energy security.
In response to questions about potential US secondary sanctions on countries importing Russian energy, Puri said he was “not worried at all.”
“If something happens, we will deal with it,” he said, adding, “Ek darwaza band hota hai to doosra khul jata hai” (When one door closes, another one opens).
The minister highlighted that India has significantly broadened its oil import network. “India has diversified the sources of supplies from 27 to 40 countries now. 16 per cent of oil market growth has come from India, and studies show it may go up to 25 per cent.”
Addressing the global dependence on Russian oil, Puri said that Russia accounts for 10 per cent of global crude production. “Our analysis shows that if Russia were not included, prices would have gone up to 130 dollars a barrel. Even Turkey, China, Brazil, and the EU have purchased oil and gas from Russia,” he said.
ANI