Latest news with #pre-Ukraine
Perth Now
21-07-2025
- Business
- Perth Now
‘Take it seriously': Huge China warning
Australia has been warned to take China's military build-up 'seriously', saying the threat of Beijing to the Indo-Pacific region is like the danger Russia poses to Europe. The Prime Minister spent much of last week touting Australia's trade, tourism and research offerings in Shanghai, Beijing and Chengdu. Securing peace through economic interdependence was a strategy the EU used with Russia following the collapse of the Soviet Union – a ploy that ultimately came back to bite the bloc when Russian tanks rolled into Ukraine. General Onno Eichelsheim is in Australia for Talisman Sabre – annual war games hosted by the Australian Defence Force, and said the country should 'get ready for something that you hope will never happen'. Speaking to the ABC, General Eichelsheim said Australia should not ignore the parallels between China and Russia. Dutch defence chief Onno Eichelsheim is urging Australia to boost its military spending. Dutch Ministry of Defence / Handout Credit: Supplied 'You should look at the facts that are around you … if Russia tells us that they want to have more, more influence, than take that seriously,' he said. 'And if you see in this case in this region, China building up, take it seriously and get ready for something that you hope will never happen. 'If you prepare for war, you can avoid war. And that's how we look at it.' During a press conference in China, NewsWire put to Mr Albanese that there were similarities between his approach to managing the relationship with Beijing and Europe's pre-Ukraine war approach to managing its relationship with Moscow. He denied there was. 'Our relationship is very different,' Mr Albanese said. 'And I don't think you can translate one thing across some other part of the world of which Australia is not a participant.' The Trump administration has called on the Albanese government to hike defence spending to 3.5 per cent of GDP, warning of an 'imminent' threat to the Indo-Pacific. The concern is driven by China's constant war drills around Taiwan and rapid military build-up, including a massive expansion of its atomic arsenal. NewsWire asked Prime Minister Anthony Albanese if he was concerned China posed a similar threat to China as Russia did to the EU. Joseph Olbrycht-Palmer / NewsWire Credit: NewsWire As of mid-2024, China's operational nuclear warheads exceeded 600, according to the US Department of Defense. That was nearly triple what the country was estimated to have in 2020. Deputy Prime Minister and Defence Minister Richard Marles has said build up was sparking 'security anxiety' in Australia. But Mr Albanese and his government have been firm to resist calls, both domestic and international, to boost the Australian Defence Force's budget. General Eichelsheim, whose country recently agreed to hike defence spending to 5 per cent of GDP in line with most of NATO, said a GDP percentage was not the only important measure, but that Australia would need to do more one way or another. 'It's not about the percentage, it's about the capabilities,' he said. 'But inevitably, I think Australia has to increase its capabilities as well, if you look at the region, and the build-up in this case of China. 'Also, if they need to help out Europe, which (Australia is) actually already doing – if you look at the war in Ukraine, and supporting us there.'
Mint
18-07-2025
- Business
- Mint
Hardeep Singh Puri says India can secure oil even if Russian imports sanctioned. Here's how
Oil Minister Hardeep Singh Puri said on Thursday that India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions. His statement came after US President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days. NATO Secretary General Mark Rutte had earlier warned that some countries, including India, could be hit by the sanctions if they continued to do business with Russia. 'India should be able to deal with any problems with Russian imports by seeking supplies from other countries,' Puri was quoted by Reuters as saying. He further noted there are many new suppliers coming onto the market such as Guyana and supply from existing producers such as Brazil and Canada. Additionally, India is increasing exploration and production activities. "I'm not worried at all. If something happens, we'll deal with it," Puri said at an industry event in New Delhi. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now," he said. Responding to Rutte's comments, India's foreign ministry spokesperson said that securing energy needs was an "overriding priority" for the country, in which it was guided by what was on offer in markets and the "prevailing global circumstances". "We would particularly caution against any double standards on the matter," spokesperson Randhir Jaiswal told a regular media briefing. India's oil imports from Russia rose marginally in the first half of this year, with private refiners Reliance Industries Ltd and Nayara Energy making about half of the overall purchases from Moscow. Russia continued to be the top supplier to India, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia, and United Arab Emirates, the data showed. In case Russian supplies are hit, Indian Oil Corp will "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2%," company Chairman A.S. Sahney told reporters at the event. (With inputs from Reuters)
NDTV
17-07-2025
- Business
- NDTV
"Don't Feel Any Pressure...": Minister On US Sanctions Threat Over Russian Oil
India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Oil Minister Hardeep Singh Puri said the world's third-largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market, such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. "I don't feel any pressure in my mind. India has diversified the sources of supply," he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. "I'm not worried at all. If something happens, we'll deal with it," he said. "India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now." In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could "go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent." The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. "Today... It has gone up considerably," he said. Addressing a press conference, Puri said at present the market does not react to geopolitical turmoil, especially in terms of prices as much as there is good availability of oil. Addressing a press conference, he said at present, the price of crude oil is around USD 68.5 per barrel and it is expected to remain around the same levels in the months to come. "I think it will be somewhere around USD 65/barrel," he said. Puri also said that there are discussions and consultations underway with industry stakeholders led by NITI Aayog to increase the percentage of ethanol blending from 20 per cent at present. This was one of the initiatives that we have been talking about for some time called "stratigraphic wells". This is the first of the series which will be carried out. "ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc," he said. "ONGC will be putting in money, BP will provide expertise," he said, adding that the two entities are looking to work together in Andaman, Mahanadi, Saurashtra Kutch. According to an official statement, Puri said Russia remains one of the world's top oil producers with an output exceeding 9 million barrels per day. He also warned that a sudden removal of this supply from the global market-out of a total of approximately 97 million barrels per day-would have created chaos, pushing prices to between USD 130-200 per barrel. The minister said a series of transformative policy reforms were introduced over the last decade to make India's upstream sector globally competitive Among the major changes, he mentioned the reimagined exploration framework under the Oilfields Regulation and Development Act (ORDA), characterised by a co-designed approach, a single lease and approval mechanism, transparent operational rules, and the introduction of a 'no-sit' clause to eliminate inactive acreage. These measures, integrated with the revised Petroleum and Natural Gas Rules and the Model Revenue Sharing Contracts aim to simplify business operations and attract private investment. The Hydrocarbon Exploration and Licensing Policy and amendments to the ORD Act have opened nearly 1 million square kilometres of previously inaccessible "No-Go" areas to exploration, thereby unlocking significant resource potential. "In the last five years, India has contributed 16 per cent to the global increase in oil demand and is expected to account for nearly 25 per cent of the incremental global energy demand through 2045. Our demand is not only large, it is structured, predictable, and responsible," Puri said. India has invested over Rs 4 lakh crore in energy infrastructure over the past decade. These investments have not only strengthened national capacity but also created tangible value at the state level. With an envisaged investment of Rs 30-35 lakh crore over the next 10 years, the coming decade will be pivotal for energy infrastructure development across the country (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
The Print
17-07-2025
- Business
- The Print
India plays down threat of sanctions on Russian oil supplies, says can source from alternate places
India imports more than 85 per cent of its requirement of crude oil, which is turned into fuels like petrol and diesel in refineries. Oil Minister Hardeep Singh Puri said the world's third largest oil importer should be able to deal with any problems with Russian imports by seeking supplies from other countries. New Delhi, Jul 17 (PTI) India on Thursday played down the threat of the US imposing sanctions on countries buying Russian oil, saying it is confident of meeting its needs from alternative sources. Traditionally, the Middle East was the main source, but Russia has been the mainstay supplier for nearly three years now. After much of the West shunned Russian crude following Moscow's invasion of Ukraine in February 2022, Russia began offering steep discounts to attract alternative buyers. Indian refiners seized the opportunity, turning Russia, once a marginal supplier, into India's largest source of crude oil, overtaking traditional suppliers from West Asia. Russia now accounts for as much as 40 per cent of India's oil imports. Speaking at the Urja Varta annual conference of the Directorate General of Hydrocarbons (DGH), Puri said there are many new suppliers coming onto the market such as Guyana and supplies can also be ramped up from existing producers such as Brazil and Canada. 'I don't feel any pressure in my mind. India has diversified the sources of supply,' he said in reply to a question on the impact of the US threatening Russia with sanctions. Earlier this week, US President Donald Trump had threatened that countries purchasing Russian exports could face sanctions or steep tariffs if Moscow fails to reach a peace agreement with Ukraine within 50 days. Puri said India is also increasing the hunt for finding new deposits of oil within the country and quickly bringing them to production. 'I'm not worried at all. If something happens, we'll deal with it,' he said. 'India has diversified the sources of supply and we have gone, I think, from about 27 countries that we used to buy from to about 40 countries now.' In the event of Russian supplies being hit, Indian Oil Corp chairman A S Sahney said the country could 'go back to the same template (of supplies) as was used pre-Ukraine crisis when Russian supplies to India were below 2 per cent.' The Oil Minister said prior to February 2022, India was buying 0.2 per cent of overall crude oil from Russia. 'Today… It has gone up considerably,' he said. PTI ABI ANZ DRR This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
17-07-2025
- Business
- Time of India
Hardeep Singh Puri warns oil could hit $130–140/barrel if Russian supplies are cut off
Oil Minister Hardeep Singh Puri on Thursday warned that taking Russian supplies off the market could push oil prices to $130–140 per barrel, detailing the potential impact of secondary sanctions, while adding that U.S. President Donald Trump's tariff threats were not yet a cause for concern for India. "I'm not worried at all. If something happens, we'll deal with it," Puri told an industry gathering, referring to Trump's threat on Monday to impose secondary tariffs of 100% on countries that trade with Russia if Moscow fails to conclude a peace deal with Ukraine within 50 days. Explore courses from Top Institutes in Select a Course Category MBA Artificial Intelligence Cybersecurity Data Science Operations Management Management PGDM others Healthcare MCA CXO Degree Leadership Finance healthcare Project Management Design Thinking Others Product Management Data Analytics Digital Marketing Technology Public Policy Data Science Skills you'll gain: Analytical Skills Financial Literacy Leadership and Management Skills Strategic Thinking Duration: 24 Months Vellore Institute of Technology VIT Online MBA Starts on Aug 14, 2024 Get Details Skills you'll gain: Financial Management Team Leadership & Collaboration Financial Reporting & Analysis Advocacy Strategies for Leadership Duration: 18 Months UMass Global Master of Business Administration (MBA) Starts on May 13, 2024 Get Details Russia produces about 9 million barrels per day, or roughly 10% of global output and consumption, Puri said. Removing such large volumes would be difficult and require the world either to consume less or let prices soar, he added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Secret WhatsApp tips Indians are using now google Learn More Undo 'There are two possibilities: one, the whole world consumes 10% less — which means some people won't get heating in winter; some won't get air conditioning in summer; some of the transport will stop flying,' Puri said. 'Or, you start buying more from the remaining 90% (suppliers). You know what that would do to prices? The prices would skyrocket,' he added. Live Events India would quickly switch to alternative sources to meet its oil demand if any supply were cut off, Puri said, adding that the world is currently awash in oil, which is helping keep prices in check. Oil prices will remain around $65 per barrel over the next few months, Puri said. 'We will go back to pre-Ukraine days,' said Indian Oil Chairman A.S. Sahney, responding to how the nation's top refiner would cope with secondary tariffs on Russia. India sourced just 0.2% of its crude from Russia before the Ukraine war. That share quickly rose to around a third of India's imports as Western buyers shunned Russian oil , making it available at a discount to Indian refiners. Puri also said the government was taking new measures to boost exploration and production in the country. State-run ONGC and the UK's BP have signed a preliminary agreement to drill new stratigraphic wells in India. These deepwater wells, proposed in four basins, aim to enhance geological understanding from an explorer's perspective. The government will fund the project, while BP will provide technical assistance.
