New Delhi, July 17 Union Minister of Petroleum and Natural Gas Hardeep Singh Puri on Thursday said India has diversified its sources for buying oil in the global market, due to which the government is not “unduly worried” over any US crackdown on Russia’s oil exports.
Speaking at the Urja Varta 2025, the minister said India currently buys oil from 40 nations, as compared to 27 countries in 2007, and the global market is well-supplied.
“There is a lot of oil available in the market. Iran and Venezuela are currently under sanctions. But are they going to be under sanctions forever? Many countries, including Brazil, Canada and others, are ramping up output. I am not unduly worried about supplies as of now. We have diversified our sources,” Puri said.
The minister’s statement came against the backdrop of US President Donald Trump announcing that secondary sanctions would be imposed on countries buying Russian oil.
On July 15, Trump had threatened to impose serious trade restrictions on Russia unless a peace deal with Ukraine is reached within 50 days. Trump said US tariffs on Russian exports would be increased to 100 per cent, while also threatening to impose secondary sanctions on countries such as India and China that buy oil from Russia.
On Trump’s threats, Puri said, “I have heard these threats. Some statements are made to ensure two disputants settle an issue.”
Puri further stated that India’s oil purchases from Moscow had played an important role in stabilising prices in the global market.
He said crude oil prices could have skyrocketed to $130 per barrel in the absence of India-Russia oil trade when the Ukraine war began in 2022.
Prior to the Russia-Ukraine war, India used to buy a mere 0.2 per cent of its crude imports from Moscow. This, today, stands close to 40 per cent.
The minister said that Russian crude was always under a price cap of $60 per barrel but never under sanctions. India continues to stay firm on its stance of not buying crude oil from a country which is under sanctions, said Puri.
“Russia is one of the largest crude producers with over nine million barrels/day. Imagine the chaos if this oil, amounting to about 10 per cent of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the consumers would be chasing reduced supplies, the prices would’ve spiralled to over $120-130,” Puri said earlier this month.
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