NEW DELHI— India’s Petroleum and Natural Gas Minister Hardeep Singh Puri said Friday that the country’s decision to buy crude oil from Russia played a significant role in stabilizing global energy prices.
In an interview with an international news outlet, Puri emphasized Russia’s critical role in the global oil supply chain.
“Russia is one of the largest crude producers, with output exceeding 9 million barrels per day,” he said. “Imagine the chaos if this oil—roughly 10 percent of the global supply, which stands at about 97 million barrels per day—were suddenly removed from the market. It would have forced the world to cut back on consumption, and with limited supply, prices would have skyrocketed to $120–$130 per barrel.”
He added, “Under Prime Minister Narendra Modi’s leadership, India has been a net positive contributor to global energy price stability, all while managing the complex trilemma of availability, affordability, and sustainability.”
Puri clarified that Russian oil was never subject to global sanctions and criticized those who questioned India’s energy policies. “Sensible decision-makers worldwide understand the complexities of global oil supply chains. By purchasing discounted oil under the price cap, India was actually helping stabilize global markets,” he said. “Some commentators, lacking a clear grasp of energy market dynamics, make unnecessary judgments about our policies.”
The minister also highlighted India’s domestic energy achievements, noting that the country provides clean cooking gas to 330 million households at some of the lowest prices globally. He pointed to the success of the Pradhan Mantri Ujjwala Yojana, which supplies clean cooking fuel to over 103 million low-income families at a cost of just $0.40 per kilogram—equivalent to only 7–8 cents per day.
In a separate post on X (formerly Twitter), Puri announced India’s plans to accelerate oil and gas exploration efforts. As part of Round 10 under the Open Acreage Licensing Policy (OALP), India aims to explore and drill across 250,000 square kilometers of new territory.
He stated that India is targeting an expansion of its exploration area to 500,000 square kilometers by 2025 and to 1 million square kilometers by 2030.
India is also reportedly nearing the discovery of a major oilfield in the Andaman Sea, which could rival the scale of recent finds in Guyana. According to Puri, this effort is part of one of the country’s most ambitious drives to boost hydrocarbon exploration and domestic energy production. (Source: IANS)
