https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

India’s Crude Oil Requirements Unaffected by Further Sanctions on Russia, Says IOC Chairman Arvinder Singh Sahney

Addressing concerns about the impact of potential sanctions on Russia, Sahney noted that any reduction in oil supply from Russia would be offset by alternative sources. He also assured that India's energy security would remain intact, regardless of sanctions or market fluctuations.
Indian Masterminds Stories

Davos: Indian Oil Corporation (IOC) Chairman Arvinder Singh Sahney has reassured that any further sanctions on Russia will not impact India’s crude oil needs. Speaking at the World Economic Forum Annual Meeting, Sahney stated that fears over sanctions have already been factored into global markets, and oil prices should remain stable in the range of USD 75-80 per barrel.

India, which imports nearly 87% of its crude oil, has diversified its sources, ensuring energy security even in the face of geopolitical challenges. Sahney emphasized that while India began importing more oil from Russia after the Ukraine war, the country continues to rely on a variety of global suppliers, including the Gulf, OPEC, OPEC-plus, the US, Guyana, and Brazil. “We have not left our other sources, and there is no dearth of crude oil,” he said.

Addressing concerns about the impact of potential sanctions on Russia, Sahney noted that any reduction in oil supply from Russia would be offset by alternative sources. He also assured that India’s energy security would remain intact, regardless of sanctions or market fluctuations.

Regarding global oil prices, Sahney pointed out that while prices briefly spiked to USD 83 per barrel after sanctions were imposed, they have since stabilized to around USD 79. “All concerns were already factored in, and I believe prices will remain in the USD 75-80 range,” he added.

Sahney also discussed India’s participation at Davos, highlighting the importance of engaging with global corporates and exchanging ideas to foster economic growth. On the potential impact of a second US presidency under Donald Trump, he expressed optimism for the energy sector, noting that Trump’s emphasis on increasing energy production would benefit India’s energy requirements.

Looking ahead, Sahney stated that the energy sector’s relationship with the government remains strong, with no specific additional demands for support at present. “Whatever specific support we need, we are already getting,” he concluded.


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
MP
Historic First: Madhya Pradesh Cabinet to Meet in 137-Year-Old Pachmarhi Raj Bhavan, Pays Tribute to Tribal Hero
Untitled design (10)
BIG: India’s Economy Could Hit $30 Trillion by 2047, Says G20 Sherpa Amitabh Kant - But Will Need 500 Cities, 400 Airports to Get There
shubham kumar ias marriage
IAS Topper Weds BPSC Topper: Shubham Kumar Marries IRS Officer Priyangi Mehta in Patna; Wedding Video Goes Viral
DMRC
DMRC Introduces Priority Frisking for Special Category Passengers - All Details Inside
Bank_Banking_news
SBI and Indian Bank Announce Key Changes in Senior Management - Check All Postings
DMRC
DMRC Director Manuj Singhal Honoured with 'Distinguished Corporate Leader Award-2025' by DTU-DCE
LIC Housing Finance
LIC Housing Finance Appoints T.C. Suseel Kumar as Additional Independent Director - Know About Him
IAS Officers Indian Administrative Services (IAS)
Telangana IAS Officer's Remarks on Students Cleaning Toilets Sparks Political Uproar - Know the Case
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
Monika Singh’s Life Beyond the Bureaucracy | Video Interview 
IAS Tushar G Nikhare
Modernising Governance: A Digital Transformation in Gangtok
IMG-20250523-WA0036
Abhishek Singh's SECRET: Vipassana, Anthropology & Smart Answer Writing | Video Interview 
ADVERTISEMENT
UPSC Stories
ANUBHAV SINGH UPSC IFS 2024
9 Years, 8 Attempts, 7 Failures: How Anubhav Singh Cracked UPSC IFS 2024 with AIR 3 Against All Odds | Exclusive
Anubhav Singh’s inspiring journey to UPSC IFS Rank 3 showcases relentless perseverance, strategic preparation,...
Jogender Sihag
“I Cleared UPSC, But My Grandfather isn’t Here to Hear it,” Jogender Sihag, AIR 521, UPSC CSE 2024
"Life is short; make the most of it, whether in civil service or any other field. Just have a clear vision...
WhatsApp Image 2025-05-28 at 18.56
Didn’t Clear UPSC But Found Something Greater: A Story That Will Change How You See Success
She left a top finance job for UPSC, did not clear but built a thriving wellness brand instead. Veda's...
Social Media
shubham kumar ias marriage
IAS Topper Weds BPSC Topper: Shubham Kumar Marries IRS Officer Priyangi Mehta in Patna; Wedding Video Goes Viral
Topper Couple Alert: Shubham Kumar, Priyangi Mehta’s Wedding Grabs Spotlight in Bihar
parveen kaswan elephant
Elephant Outsmarts Electric Fence! IFS Parveen Kaswan Shares Incredible Video!
In the now-viral 51-second clip, the intelligent giant approaches a wooden pole supporting high-voltage...
UPSC Latest IAS IPS IFS
UPSC CSE Prelims 2025 Tomorrow: ICLS Officer Altap Shaikh Shares Last-Minute Motivation for Aspirants
His five-post thread offers encouragement, practical advice, and emotional support - not just for those...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
MP
Historic First: Madhya Pradesh Cabinet to Meet in 137-Year-Old Pachmarhi Raj Bhavan, Pays Tribute to Tribal Hero
Untitled design (10)
BIG: India’s Economy Could Hit $30 Trillion by 2047, Says G20 Sherpa Amitabh Kant - But Will Need 500 Cities, 400 Airports to Get There
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
Monika Singh
IAS Tushar G Nikhare
IMG-20250523-WA0036
ADVERTISEMENT
ADVERTISEMENT