By Admin 
Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Thursday (July 17) that India has diversified its sources of buying oil in the global market, so the government is not concerned about any America’s action on Russia’s oil exports. In the Energy Dialogue 2025, Union Minister Puri said that India currently buys oil from 40 countries, while in 2007 it was 27 and has sufficient supply in the global market.
Union Minister Hardeep Singh Puri said, “There is a lot of oil available in the market. Iran and Venezuela are currently subject to sanctions. But will they be subject to sanctions forever? Brazil, Canada and many other countries are increasing production. I am not unnecessarily concerned about supply right now. We have diversified our sources.”
Trump threatens India and China regarding Russian oil imports
This statement of the Union Minister came after the announcement of secondary session on countries buying Russian oil by US President Donald Trump. On Tuesday (July 15), Trump threatened that if there was no peace agreement with Ukraine within 50 days, he would impose a serious trade ban on Russia. Trump said that US tariffs on Russian exports will be increased by 100 percent. He also threatened to ban countries like India and China who bought oil from Russia.
India played an important role in stabilizing oil prices- Puri
On Trump’s threats, Union Minister Puri said, “I have heard these threats. Some statements are made to resolve an issue between two disputed parties. India’s oil procurement from Moscow has played an important role in stabilizing prices in the global market. When the Ukraine War started in 2022, the prices of raw oil can reach $ 130 per barrels in the absence of Ukraine Oil Trade. Before that, India used to buy only 0.2 percent of its crude oil imports from Moscow.
The Union Minister said, “The price of Russian crude oil has always been under the limit of $ 60 per barrel, but it has never been banned. India is adamant on its attitude not to buy crude oil from a country under sanctions.”
Crude oil could have been priced at $ 120-130 per barrel
At the same time, Union Minister Puri said earlier this month, “Russia is one of the largest crude oil producers in the world with more than 90 million barrels of barrels per day. Imagine if this oil, which is about 10 percent of the global oil supply of about 9.7 million barrels, disappears from the market, what would have been forced to reduce its consumption and because the world would have been forced to reduce its consumer, so the price of consumer supply is also worth 120-130 dollars. Going. “
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