'India did world favor by buying Russian oil': Hardeep Puri
What's the story
Union Petroleum and Natural Gas Minister Hardeep Singh Puri has said India's decision to buy oil from Russia amid global uncertainties prevented a potential spike in global oil prices. Speaking to CNN's Becky Anderson at the ADIPEC event in Abu Dhabi, Puri said had India not bought Russian oil, global prices could have soared to $200 per barrel. He stressed oil will remain a crucial part of the world's energy supply for years.
Price prediction
Puri foresees future reduction in oil prices
Puri said he was confident that oil prices would come down in the future, adding that by 2026, with more energy in the market, the prices are more likely to stabilize and come down. He said India's reduction of Russian oil imports by about 10% in October was due to competitive market rates. "There are other people willing to supply at the same competitive rate," he said, highlighting healthy competition in the market.
Market decisions
Puri clarifies India's reduction in Russian oil imports
Addressing if the cut was strategic, Puri clarified that these are market-driven decisions. He said if India had moved its 5 million barrels from Russia to Gulf suppliers at a critical time, prices could have skyrocketed. Puri also said technological advancements like green hydrogen will change global oil demand in five years.
Energy criticism
Puri criticizes 'ill-informed commentators' on India's energy purchases
On his X account, Puri also reiterated that India's purchase of Russian oil prevented global prices from skyrocketing and highlighted that Russian oil was not under sanctions but only a price cap. He slammed "ill-informed commentators" who proposed restrictions on India while other nations also made significant energy purchases from Russia. Puri emphasized India's priority is to ensure that energy remains available and affordable for its people.