CNBC TV 18 | No one told India to not buy oil from Russia, says Hardeep Singh Puri

Oct 08,2022

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said that no one told India to not buy oil from Russia. The minister said that the obvious reason behind the purchase of oil from the most convenient sources is that the Indian consumer population cannot be engaged in this type of discussion.

"...India will buy oil from wherever it has to for the simple reason that this kind of discussion can't be taken to consuming population of India...Have I been told by anyone to stop buying Russian oil? The answer is a categorical 'no'..," Puri responded to a group of Indian reporters in Washington DC, where he held meetings with officials from the Joe Biden administration.

The Russia-Ukraine war disrupted the global energy system, as the supply and demand patterns were affected because of fractured trading relationships.
The war caused energy prices to spike for many consumers and businesses around the world, hurting households, industries, and economies. The Western countries have gradually reduced their energy purchases from Russia.

However, to absorb the effects of rising energy prices, India's crude oil imports from Russia jumped over 50 times since April as it made up for 10 percent of all crude bought from overseas. Prior to the Ukraine War, Russian oil made up for just 0.2 percent of all oil imported.
Responding to a question regarding India's stand on buying oil from Russia, the Union Minister said, "If you are clear about your policy, which means you believe in energy security and energy affordability, you will buy from wherever you have to purchase.”
During his meeting, Puri also talked about the idea of India-US Green Corridor and highlighted the US and India's commitment to accelerating a just and sustainable energy transition.

The Union minister is leading an official business delegation to Washington DC and Houston from October 6-11. During his stay in Washington, he met with senior officials of the World Bank, Presidential envoy for energy and infrastructure Amos Hochstein and senior representatives of the White House and he is scheduled to meet energy business leaders in Houston on Saturday.