'If We Hadn't Bought Russian Oil Then...': Hardeep Puri On How India Did A Favour To World

Abu Dhabi: India's decision to buy oil from Russia amid global uncertainties helped prevent a potential spike in global oil prices, Union Petroleum and Natural Gas minister Hardeep Singh Puri said in a recent interview.

Speaking to CNN's Becky Anderson on sidelines of annual energy industry event IPEC in Abu Dhabi on Thursday, Union minister Puri explained that if Indian government hn't bought Russian oil, global oil price would have gone up to 200 dollars for everyone.

Oil will remain key source of energy to world, says Puri  

Oil will remain a key part of world's energy supply for years to come, Union Minister Hardeep Singh Puri said. 

Will oil prices be reduced, Puri answers 

Speaking on possibilities of any reduction in oil prices in future, Union Petroleum Minister Puri said, "Earlier I said I hope re will be a reduction in oil price. Today I'm more confident that re will be.".

"By 2026, when more energy is available in market, As a student of situation, I think that likelihood of prices remaining stable and coming down are higher", Puri said.

On being asked why India reduced oil imports from Russia in October by around 10 per cent, Puri explained that happened because of competitive oil rates in market. "re are or people willing to supply at same competitive rate because OPEC position is y don't deal with price. re's healthy competition going on. If you don't get it from one, you get it from someone else", he said.

On being questioned wher reduction in Russian oil imports was a strategic decision, Puri said, "se are oil decisions taken in marketplace. When we face February 22 re was 13 million barrels of Russian oil on market suddenly if that oil h gone off market and India h decided to shift its 5 million barrels to say suppliers in Gulf, price of oil would have gone up to 200 a barrel. So I think we did everybody a favour".

‘Shifting to or sources of energy will change global oil demand’ 

He said techlogical changes such as green hydrogen and transition to cleaner energy will change global oil demand landscape in five years. Puri also took to his X account to share details.

“India did entire world a favour by buying Russian oil because if we h t done so, global oil prices would have skyrocketed to USD 200/barrel. Russian oil was never under any sanctions and re was only a price cap, which Indian entities also followed.”

He also pointed out that some "ill informed commentators" wanting to put restrictions on India when European and Asian countries h also engd in significant energy purchases from Russia.

"Let us t forget that while some ill informed commentators talked about putting restrictions on India, many or European and Asian nations bought much more crude oil, diesel, LNG, rare earth minerals worth billions of dollars from Russia. We will continue to buy energy from whoever offers best rates to our oil companies" Puri wrote.

union minister also ted in his X post, "We need to ensure stey availability, affordability and sustainability of energy for our 7 crore citizens who visit a petrol pump everyday. That's our top priority. India is only major consumer where fuel prices has come down significantly in last three years despite unprecedented global price increases in or nations".

India is third largest oil consumer in world, as estimated by International Energy ncy 2024.