India says Russian oil deal prevented global crisis

India prevented a major global oil crisis by purchasing oil from Russia, the minister of petroleum and natural gas, Hardeep Singh Puri, said at an energy conference in Abu Dhabi on Thursday. 

If New Delhi had stopped buying Russian oil, global prices could have surged to $200 per barrel, he stated, describing his country’s move as a “favor to the world.”

Puri stressed that India’s energy policy is pragmatic and prioritizes affordability for its citizens, citing the competitive rates Moscow offered. “Russian oil was never under sanctions; there was only a [Western-imposed] price cap, which Indian entities respected.” 

He noted that European and other Asian countries have imported significant amounts of Russian energy despite Western concerns.

India is the world’s third-largest oil consumer and is committed to sourcing oil from whichever providers offer competitive prices, he added.

“We need steady, affordable energy for our millions of citizens, and that is our priority,” Puri said, adding that affordable energy benefits India’s economy and population by keeping fuel prices low domestically.

In October, New Delhi reduced its Russian oil imports by 10% due to other competitive market offers, demonstrating, according to the minister, how “healthy competition” in the market enables India to pivot suppliers when needed. 

Despite Western concerns over Russia’s revenue from oil, his country’s stance remains clear, he went on to say. “India will buy energy from those who offer the best deals to ensure stability and affordability,” Puri noted, underscoring Prime Minister Narendra Modi’s stated commitment to affordable fuel for all citizens. 

Puri dismissed criticism from what he called “ill-informed commentators” who suggested restricting Indian purchases from Russia. He also took to X to affirm his government’s stance, pointing out the vast scale of energy trade from Russia by other global players.

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