Global oil prices would have hit the roof if India had not Russian bought oil: Hardeep Puri

NEW DELHI: Union Minister Hardeep Singh Puri emphasised that global oil prices would have increased tremendously if India had not purchased oil from Russia.

Speaking about India’s energy strategy, Puri highlighted that without these purchases, oil prices worldwide would have surged to even higher levels. He also pointed out that while some countries criticize India’s continued energy imports from Russia, they overlook the benefits that India’s actions bring to the broader global energy market.

“While they remain fixated on India’s oil purchases from Russia, what many around the world don’t seem to realise is that the global oil prices would have hit the roof if India had not bought oil from Russia”, said Puri in a social media post.

While they remain fixated on India’s oil purchases from Russia, what many around the world don’t seem to realise is that the global oil prices would have hit the roof if India had not bought oil from Russia.
Leaves one with a feeling that they are not able to wrap their heads… pic.twitter.com/mT1GBoFo5d

— Hardeep Singh Puri (@HardeepSPuri) November 8, 2024

The minister noted that India’s decision to source oil from Russia has been instrumental in ensuring a balance between energy affordability, availability, and sustainability, a difficult “trilemma” that many nations have struggled with.

He added that while numerous countries faced energy shortages and skyrocketing costs, India has managed to meet its energy needs without burdening its citizens. This achievement, according to Puri, is largely due to Prime Minister Narendra Modi’s strong and strategic leadership in steering India’s energy policy.

“India successfully navigated the trilemma of energy availability, affordability & sustainability with a flourish under the dynamic leadership of PM @narendramodi Ji” Puri said. The minister also reaffirmed India’s stance that it will prioritize the interests of its people and economy by sourcing energy from suppliers that offer the best prices.

India’s approach, the minister added, demonstrates its commitment to providing affordable and sustainable energy to its citizens, even amid global uncertainty and fluctuating oil prices. Puri’s statements come at a time when countries worldwide continue to face challenges in securing reliable energy supplies.

As oil prices remain volatile, as per minister, India’s policy of diversifying its energy sources has become a key factor in helping stabilize domestic prices, maintaining energy security, and cushioning the impact of price spikes on its citizens. He said “India will buy oil from wherever our companies get the best rates”. (ANI)