New Delhi: Union Minister for Petroleum and Natural Gas Hardeep Singh Puri asserted on Thursday that India has been a net positive contributor to global energy price stability, largely due to its decision to buy discounted Russian crude oil under the G7-imposed price cap.
The Minister emphasised that India’s energy policies under Prime Minister Narendra Modi’s leadership have not only prioritised domestic affordability but also helped avert potential global oil crises.
India Played Stabilising Role Amid Global Oil Volatility
In a detailed post on social media platform X, Puri stated, “India, under the leadership of PM @narendramodi Ji, 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.”
According to Puri, India’s calculated energy strategy helped soften the blow of geopolitical disruptions, especially after the Russia-Ukraine conflict, which posed a serious threat to global oil supply chains.
Russia’s Role in Global Supply and India’s Strategic Imports
Highlighting the importance of Russian oil, Puri noted that Russia produces over 9 million barrels of crude oil daily — nearly 10% of the global supply. A sudden disruption, he said, would have caused oil prices to surge beyond $120–130 per barrel, sparking a supply shock.
“Imagine the chaos if this oil, amounting to about 10 percent 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 the reduced supplies, the prices would’ve spiralled,” he wrote.
He clarified that Russian oil was never under global sanctions, and buying it at discounted prices under the G7-led price cap was a pragmatic and globally beneficial move. “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,” he added.
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Defending India’s Energy Strategy Against Critics
Without naming critics, Puri criticised those who have questioned India’s crude buying decisions. “Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgements on our policies,” he said.
Puri argued that India’s approach was not only in national interest but also served the broader international community by preventing market volatility.
Commitment to Affordable Clean Energy
Beyond conventional fuels, the Minister also spotlighted India’s advances in making clean energy accessible to millions. He said India supplies clean cooking gas to over 330 million households at the world’s lowest prices.
He particularly highlighted the PM Ujjwala Scheme, which offers clean cooking solutions to over 103 million families at a cost of just $0.4 per kilogram or 7–8 cents per day.
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