Abu Dhabi: Union Petroleum and Natural Gas Minister Hardeep Singh Puri highlighted India’s strategic decision to purchase oil from Russia amid geopolitical tensions, stating that it helped prevent a steep spike in global oil prices. In an interview with CNN’s Becky Anderson at the ADIPEC energy event in Abu Dhabi, Puri emphasized that without India’s purchases, oil prices could have surged to $200 per barrel, affecting economies worldwide.
Puri reiterated that oil remains a crucial component of the world’s energy supply, which India aims to secure affordably and sustainably for its citizens. India, the world’s third-largest oil consumer, has managed to maintain lower fuel prices domestically, benefiting millions of Indians despite global fluctuations. “Today, I’m more confident that oil prices will reduce,” Puri stated, expressing optimism about market stability as alternative energy sources emerge by 2026.
Addressing a recent 10% reduction in Russian oil imports in October, Puri clarified that it was based on competitive pricing and market dynamics. He noted, “If you don’t get it from one supplier, you get it from someone else.” He dismissed speculation about a strategic shift, explaining that India’s oil purchases are driven by market rates and global supply availability.
Puri took to X (formerly Twitter) to underscore India’s role in stabilizing global energy prices, stating that India adhered to price caps and made no breach of sanctions on Russian oil. He also responded to critics who questioned India’s energy strategy, pointing out that other European and Asian nations made substantial energy purchases from Russia. “India will continue to buy energy from suppliers offering the best rates,” he wrote.
With India’s daily energy needs impacting millions, Puri asserted that the government’s top priority remains the availability, affordability, and sustainability of fuel. India’s proactive energy policies have allowed it to remain a steady consumer with relatively low domestic fuel prices despite the unprecedented global surge in recent years.
