"Excluding Russia, oil prices would have hit $130, prices will come down due to new sources": Hardeep Puri

Union Minister Hardeep Singh Puri expressed optimism about declining oil prices due to India's diversified import strategy. He also addressed concerns about US sanctions.

New Delhi [India], July 17 (ANI): Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday expressed optimism about a potential decline in oil prices, citing India's efforts to diversify its sources of energy imports.

"The price of oil will come down as more sources of supplies are coming. We have enough oil around," said the minister, highlighting India's proactive strategy in securing energy supplies from a wider range of countries.

India Expands Oil Import Network

Addressing concerns over potential US sanctions, Puri said. "I am not worried at all. If something happens, we will deal with it," he said, adding, "Ek darwaja Band hota hai to doosra khul jata hai" (when one door closes another one opens).

He noted 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."

Global Dependence on Russian Energy

Commenting on the possibility of secondary sanctions by the US against countries engaging with Russia, the minister pointed out the global reliance on Russian energy. 

He said, "Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil and even the EU have bought oil and gas from Russia," he stated.

Last week, the minister said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over USD 120-130 per barrel. 

If, out of global oil supplies of around 97 million barrels, 9 million barrels had suddenly vanished, the entire world would have had to reduce consumption by over 10 per cent, which is impossible, he said. (ANI)