India's Role in Stabilizing Global Oil Prices

India's Petroleum and Natural Gas Minister, Hardeep Puri, has highlighted the country's strategic decision to continue importing crude oil from Russia as a key factor in preventing global oil prices from surging beyond $120-130 per barrel. This move came amid the Russia-Ukraine conflict, where Western nations imposed sanctions on Moscow.

Addressing Critics with Facts

Puri criticized unwarranted criticisms of India's policies, emphasizing the importance of understanding global energy market dynamics. He pointed out that Russia, as a major crude oil producer, contributes significantly to the global supply, and removing its output would have led to severe market disruptions.

The Global Impact of India's Decision

By maintaining and even increasing imports from Russia, India has played a crucial role in ensuring energy price stability worldwide. Puri's comments in Vienna shed light on the potential chaos and price spikes that could have ensued without India's intervention.

Looking Ahead: India's Energy Strategy

With 80% of its oil needs met through imports, India is diversifying its energy sources and exploring new territories like the Andaman region for oil and gas. As the world's third-largest energy consumer, India's policies have far-reaching implications for global energy markets.