India's purchase of Russian oil helped bring down global prices: Hardeep Puri
In an interview with a foreign news channel, Puri said, 'Russia is one of the largest crude producers with over 9 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.'
'India, under the leadership of Prime Minister Narendra Modi, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability,' the minister said.
He explained that Russian oil was never under global sanctions. 'Sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could,' the minister said.
'Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgments on our policies,' he added.
The minister pointed out that India continues to provide clean cooking gas to 330 million households in the country at the lowest prices in the world, while it provides universal clean cooking to more than 103 million beneficiary families under the PM Ujjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day.
Meanwhile, the minister also said, in a statement on X, that India plans to explore and drill for oil and gas with a whole new momentum across 2.5 lakh sq km in Round 10 under the Open Acreage Licensing Policy (OALP).
He highlighted that India's target is to increase the country's exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030.
Being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
36 minutes ago
- Hindustan Times
Russia's drone and missile attack kills two in western Ukraine's Chernivtsi
Russia launched a new barrage of drones and missiles in an overnight attack on Ukraine on Saturday, targeting the west of the country and killing at least two people in the city of Chernivtsi on the border with Romania. Several fires broke out across the city of Chernivtsi, and residential houses and administrative buildings were damaged, regional officials said.(Stringer/ REUTERS) Western Ukrainian cities of Lviv, Lutsk, and Chernivtsi suffered the most due to the Russian attacks, and other Ukrainian regions were also hit, Foreign Minister Andriy Sybiha said. "Russia continues to escalate its terror, launching another barrage of hundreds of drones and missiles, damaging residential areas, killing and injuring civilians," Sybiha said in a post on X, reiterating the call for stronger sanctions against Moscow. "Russia's war machine produces hundreds of means of terror per day. Its scale poses a threat not only to Ukraine, but to the entire transatlantic community." Ruslan Zaparaniuk, the governor of the Chernivetskyi region, said that two people were killed and 14 others wounded as Russian drones and a missile struck the city, located about 40 kilometres (24 miles) from Ukraine's border with Romania. Several fires broke out across the city, and residential houses and administrative buildings were damaged, regional officials said. In the city of Lviv, on Ukraine's border with Poland, 46 residential houses, a university building, the city's courts, and about 20 buildings housing small and medium-sized businesses were damaged in the attack, mayor Andriy Sadovyi said.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
North Korea backing Russia's war goals confirms 'invincible' ties: Lavrov
Lavrov cited North Korean troop presence in Russia's Kursk region as proof of an "invincible brotherhood," noting Kremlin forces have largely repelled Ukraine's surprise incursion from last year Bloomberg Russian Foreign Minister Sergei Lavrov said North Korea has affirmed its 'clear support' for Russia's war in Ukraine and for Kremlin leadership as he started a three-day visit to Pyongyang. The two heavily-sanctioned nations are in constant contact, and more meetings between President Vladimir Putin and Leader Kim Jong Un are likely in the future, Lavrov said at a press conference after talks with his North Korean counterpart Choe Son Hui, according to the state-run Tass news service. Lavrov referenced the participation of North Korean troops in Russia's Kursk region, where Kremlin forces have mostly reversed last year's surprise incursion by Ukraine, calling it evidence of an 'invincible brotherhood' between the nations. Russian authorities would facilitate an increase in tourist flows to North Korea from Russia, Lavrov said. North Korea opened the Wonsan-Kalma coastal tourist area in June, with Kim presiding over the ribbon-cutting ceremony. Lavrov also said that Belarus, with Russia's backing, has invited North Korea to take part in the third conference on Eurasian security architecture, expected to be held in Minsk in October. This weekend's visit comes less than a month after Pyongyang agreed to send an additional 6,000 military workers to the Kursk region at a June meeting between Kim and Sergei Shoigu, Putin's top security aide and former Russian defense minister. It was Shoigu's third trip to Pyongyang in as many months. The two countries have been deepening ties after signing a military treaty last year to expand their strategic partnership under mounting international sanctions. Russia and North Korea also intend to relaunch maritime transport between the two countries. Western governments have accused the Kremlin of bartering military technology for arms and manpower amid Putin's war on Ukraine, now well into its fourth year. The deployment of North Korean troops to Russia has also helped Pyongyang's military gain modern, real-world combat experience. North Korea is now supplying as much as 40 per cent of Russia's ammunition for the war and 'those are good weapons,' Kyrylo Budanov, head of Ukrainian military intelligence, told Bloomberg News in an interview. 'North Korea has huge stockpiles and production goes on around the clock,' he said. Bloomberg can't independently verify Budanov's assessment. Lavrov's visit to Pyongyang is part of 'the second round of strategic dialogue between the top diplomats,' Russian Foreign Ministry spokeswoman Maria Zakharova said on Wednesday, according to Tass. Choe Son Hui met with Putin and Lavrov in November during a trip to Moscow. Before Pyongyang, Lavrov was in Kuala Lumpur, where he met with US Secretary of State Marco Rubio on the sidelines of the gathering of the Association of Southeast Asian Nations.
Time of India
an hour ago
- Time of India
Lavrov's NUCLEAR Warning To U.S. From N. Korea After Kim Aide Vows ‘UNSHAKABLE' Support To Russia
Russian Foreign Minister Sergei Lavrov arrived in North Korea on July 11 on a three-day visit. Lavrov flew out of Kuala Lumpur after attending the ASEAN foreign ministers' meeting and interacting with the US Secretary of State, Marco Rubio. The Joint statement said that Russia warned US and its allies against creating threats to Russian and North Korean security. Moscow also said that it respects and understands the reasons behind the development of North Korea's nuclear program. Watch this video to know more. Read More
