Indian Minister Optimistic on Oil Prices, Citing Diversification and Russian Oil Trade

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, expressed a positive outlook regarding future oil prices. He attributed this optimism to India's ongoing efforts to diversify its sources of energy imports. The minister emphasized that the availability of multiple supply sources would contribute to a price decrease.

Puri highlighted India's proactive approach to securing energy supplies from a broader range of nations. He addressed concerns about potential US sanctions, stating his lack of worry and his belief that alternative solutions would be found if necessary. He used a Hindi proverb to illustrate this point, suggesting that when one opportunity closes, another opens.

The minister noted a significant expansion in India's oil import network, increasing the number of supplier countries. He also pointed out India's substantial contribution to the growth of the oil market and cited studies indicating further potential for expansion.

Regarding the possibility of secondary sanctions by the US against countries trading with Russia, the minister acknowledged the global dependence on Russian energy. He explained that without Russian oil, prices would have been significantly higher. He also mentioned that several countries, including those in the EU, have continued to purchase oil and gas from Russia.

Puri previously stated that India's continued purchase of crude oil from Russia had helped stabilize global energy prices. He argued that stopping oil trade from Russia would have caused a sharp increase in crude prices. He further explained that the sudden removal of a significant portion of global oil supplies would have necessitated an impossible reduction in global consumption.