Petroleum and Natural Gas Minister Hardeep Puri said that the continuous purchase of crude oil from India from Russia has helped to keep global energy prices stable. Crude oil prices would reach $ 120–130 per barrel when the oil trade from Russia was closed.
We saved the whole world from inflation – Hardeep Puri
Asked about Russia’s oil purchase during a press conference, Minister Puri clarified that Russia produces more than 90 million barrels of crude oil per day and is one of the world’s largest crude oil producers. He said that we have saved the whole world from inflation. He said – “If 90 lakh barrels out of about 97 lakh barrels of global oil supply suddenly disappear, the whole world will have to cut more than 10 percent, which is impossible.”
India continued to buy oil from Russia
After the war between Russia and Ukraine, the US and Western countries banned Russia, but India continued to buy oil from Russia for its energy needs. Puri said that Russian oil has never been banned globally and India has provided stability to global markets by purchasing oil at a price lower than the price limit.
Puri praised Prime Minister Modi
He appreciated India’s energy policy under the leadership of Prime Minister Narendra Modi, which gives priority to energy availability and affordable prices. Puri also stated that India is providing clean LPG to its 33 crore homes, which reflects its commitment to energy security. Meanwhile, Puri attended the OPEC International Seminar in Vienna, where he held bilateral meetings with Energy Ministers of various countries to further strengthen India’s energy partnership.
