Arab Press

بالشعب و للشعب
Saturday, Feb 22, 2025

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will secure oil from anywhere as long as the terms are beneficial, India's energy minister Hardeep Singh Puri told CNBC.

India will secure oil from anywhere as long as the terms are beneficial, India’s energy minister told CNBC.

India is the third largest oil consumer in the world, and according to Hardeep Singh Puri, accounts for 30% of global consumption.

“Today we feel confident that we’ll be able to use our market to source from wherever we have to, from wherever we get beneficial terms,” the minister told CNBC’s Tanvir Gill on “Squawk Box Europe,” as part of India’s energy week.

“By beneficial terms in this situation is: you have to be sure of your supplies,” he explained.

India has been buying Russian oil at a steep discount since global powers imposed sanctions on the Kremlin in a bid to cut down its ability to raise funds for its war against Ukraine.

India’s oil imports jumped to a five-month record in December as the country actively ramped up its purchases of Russian crude, according to Reuters.

The report also said that some 70% of January cargoes of Russian oil are going to India, and that the South Asian country is the top buyer of Moscow’s Ural grade oil for several months now.

“We didn’t allow the geopolitical turbulence or the pandemic or anything else to come in the way of our ability to supply to our consumer,” Puri added.


India’s oil investments


In his inaugural address at India’s Energy Week, Prime Minister Narendra Modi called upon foreign investors to take advantage of opportunities in India’s energy sector.

“Our expanding energy sector is creating new opportunities for investment and collaborations in India,” Modi said Monday in Bengaluru, Karnataka. “We are also working on mission mode to increase natural gas consumption in our energy mix by 2030. A target has been set to increase it from 6%to 15%.”

Puri further noted India’s oil consumption has been 5 million barrels a day for a long time. But there is room for local consumption to increase in line with the country’s economic growth, he added.

“If the economy grows at 6.5%, 7% and our consumption grows at three times the global average, then you’ll be looking at not 5 million barrels. But 6 or 6-and-a-half million barrels,” he said, acknowledging it’s still uncertain when that will happen.


India ramps up Russian oil


Both China and India have increased their purchases of Russian oil in the wake of Moscow’sinvasion of Ukraine, benefiting from discounted rates.

India sees its oil purchase from Russia in a different light, said the oil minister. He painted a hypothetical scenario that if global oil supply were to be disrupted, it could lead to a massive jump in oil prices.

“Can you imagine a situation, [where] Iran oil is sanctioned, Russia has problems, Venezuela cannot supply its oil. Then oil price will not be $200 — it will be $480,” Puri said, underlining the Indian government isn’t concerned about where supply comes from, including Russia.

Comments

Oh ya 2 year ago
The world is telling the USA... Puck you. Saudi has announced that it will be selling oil in other currencies than the USD. the petro dollar days are coming to a quick end and then Americans will see what real inflation looks like. The USA has weaponized the dollar and now the chickens are coming home to roost. I hope Panama has a plan in place

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Gaza Children.
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
×