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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Oil reserve in India: Amidst Israel and Iran tension, the most fear is about crude oil prices at this time. Market experts believe that if the situation in West Asia is not under control, then the price of crude oil can also cross $ 150. Meanwhile, the news of India has a big oil reserves. However, it is still being excavated.

India currently imports about 85 percent of its needs from other countries. It includes countries from Russia to Gulf. After the US and Russia, India ranks at number three in the world in terms of oil imports.

Union minister’s big claim

Meanwhile, Union Petroleum and Natural Gas Minister Hardeep Singh Puri has made a big claim regarding the reserve of crude oil. If this claim is proved correct, then the dependence of oil on other countries of the world can be eliminated to a large extent. Hardeep Singh Puri, while talking exclusively with the Indian Express, said that India is on the verge of searching a big crude oil bhandal in Andaman Sagar.

He has compared this reserve in Andaman to the huge oil discovery made by Hays Corporation and CNOC in Gayana. Significantly, Gayana is currently at the 17th position in terms of the world’s crude oil reserves, where there is an estimated reserves of about 11.6 billion barrels and gas.

Economy will be 20 trillion

Puri says that if a discovery like Gayana is in India, the country’s economy can increase from $ 3.7 trillion to $ 2 trillion. Oil Bhandal’s discovery in Andaman for the Indian oil industry can prove to be a trump card. This will not only make India energy producing countries with energy imports, but India can also get a new identity on the global energy map.

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