Nobody advised India to stop purchasing oil from Russia: What Europe buys in a single afternoon, according to Hardeep Singh Puri
“Have I received any orders to stop acquiring Russian oil? No is the unequivocal response “Speaking on the topic of India buying Russian oil, Union Minister Hardeep Singh Puri. The minister stated, “Usually, we buy in a fifth of what Europe buys in one afternoon.”
According to Hardeep Sing Puri, minister of union petroleum and natural gas, no one has instructed India to cease purchasing oil from Russia. The union minister said in Washington after his bilateral meeting with US energy secretary Jennifer Granholm that the Indian government has a moral obligation to provide energy to its citizens and that it will continue to purchase oil from wherever it must because this kind of a discussion cannot be brought before the consuming public. The minister declared, “If you are clear about your policy, which implies that you believe in energy affordability and security, you will buy from wherever you have to purchase energy from sources.
The minister reiterated New Delhi’s position on buying oil from Russia in the midst of the ongoing Ukraine war, saying, “India would buy oil from wherever it has to for the simple reason that this kind of a topic cannot be taken to the consuming population of India.”
“Has anyone advised me to avoid acquiring Russian oil? The response is categorically no “stated the minister.
“There are many misconceptions about buying energy from Russia. Usually, we spend a quarter of what Europe spends in one afternoon. At the end of the fiscal year, we had imported 0.2% of all Russian oil. Yes, after the market was disrupted on February 24th, imports from Russia dramatically increased in the months that followed “said Hardeep Singh Puri.
“But after that, other vendors entered the picture. And I believe that another Middle Eastern supplier held the No. 2 position in the months that followed. And the Saudis remained at No. 1 for always, with Russia moving higher, “added the minister.
“People frequently don’t comprehend how the oil trade works. It does not work out if I had to get oil, for example, from a very far-off location where the cost of icebreaker must be added. I find it much simpler to purchase from a nearby location. Consider the Gulf. The oil markets will move, and we must use the market card to make a decision “added the minister.
S. Jaishankar, the minister of external affairs, provided an explanation of the factors that led India to decide to keep purchasing Russian oil on various platforms. Jaishankar recently claimed that PM Modi’s counsel on the subject was to act in the country’s best interests. “Petrol prices doubled as a result of the war between Russia and Ukraine. There was pressure on us to purchase the oil from certain sources, but Prime Minister Modi and the government believed that we should act in the best interests of the country “explained Jaishankar.
OPEC+’s plan to reduce oil production by two million barrels per day was also discussed by Puri, who asserted that India would be able to handle the situation. “At the end of the day, when the amount of energy released by producers and suppliers balances the market’s demand and there is an equilibrium, market forces will come into play. The amount of energy you release will affect price ranges.