‘India’s energy diplomacy stabilising global oil market’

Blitz Bureau

NEW DELHI: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on July 18 that India’s energy diplomacy is not only securing the country’s future but is also helping to stabilise global energy markets. He pointed out in a post on X that India has expanded its oil sourcing from 27 to 40 countries and the country’s “smart energy diplomacy – including buying from Russia – helped avoid $130+ per barrel oil shocks” in the global market. He also highlighted that India contributed 16 per cent to global oil demand growth in the last decade.

According to the IEA, India will drive 25 per cent of global energy demand growth in the next 20 years, the minister added. Puri has highlighted that Russia is one of the largest crude producers with over 9 million barrels/per day which amounts to about 10 per cent of the global oil supply of around 97 million. If this oil were to vanish from the market consumers would be chasing reduced supplies which would have led to prices spiralling to over $130 a barrel.

“India, under the leadership of Prime Minister Narendra Modi, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability,” the Puri said. Puri has pointed out that Russian oil was never under global sanctions. “Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could,” the minister said.

Puri had stated that India has diversified its sources for buying oil in the global market due to which the Government is not “unduly worried” over any US crackdown on Russia’s oil exports.

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