Hardeep Singh Puri, India’s minister of Petroleum and Pure Gasoline, on the ADIPEC convention in Abu Dhabi, United Arab Emirates, on Tuesday, Oct. 3, 2023.
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India retains world crude costs inexpensive by shopping for oil from Russia, India’s power minister mentioned.
“The world is grateful to India for buying Russian oil. It’s not that they don’t want us to buy Russian oil,” India’s Minister of Petroleum and Pure Gasoline Hardeep Singh Puri informed CNBC’s Sri Jegarajah on the sidelines of the India Vitality Week convention in Goa.
“If we start buying more of the Middle Eastern oil, the oil price will not be at $75 or $76. It will be $150,” he added.
Since Russia’s invasion of Ukraine in February 2022, India’s refiners have been snapping up discounted Russian oil.
Moscow has since turn into India’s main supply of crude oil, accounting for about 36% of the South Asian nation’s crude imports.
Consequently, India’s imports of Center Japanese oil fell to a record low.
Oil costs have been beneath stress regardless of rising tensions within the Purple Sea and fears of a widening battle within the Center East. Such uncertainty would sometimes push power costs increased however positive aspects have been restricted amid record output from the U.S., and an ongoing world financial slowdown.
The Indian minister mentioned he was not “unduly worried” about whether or not there can be a spike in costs on account of an absence of availability or affordability of the oil.
“The fact of the matter is half the work is in recession,” he mentioned, including that increased oil costs will invariably find yourself turning into a “self fulfilling prophecy” the place increased costs will curtail demand.
