The December issue of the World of Petroleum and Bitumen
India's Petroleum Minister, Hardeep Singh Puri, has stated that if India had not purchased petroleum from Russia after the start of the Ukraine war, global petroleum prices would have skyrocketed.
India, the world’s third-largest petroleum importer and consumer, became the largest buyer of discounted Russian petroleum following Western sanctions on Moscow in response to the Ukraine conflict. Before the war, India imported only a small volume of petroleum from Russia.
Defending its decision to buy Russian petroleum to manage prices in the nation of 1.42 billion people, Puri wrote on social media platform X late Friday: “What many around the world don't seem to realize is that global oil prices would have hit the roof if India had not bought oil from Russia. We owe it to our citizens - India will buy oil from wherever our companies get the best rates.”
According to a Reuters report, India’s crude oil imports from Russia rose by 11.7% in September, reaching approximately 1.9 million barrels per day. This accounted for about 40% of the South Asian nation’s total crude imports that month. After Russia, Iraq and Saudi Arabia were the next largest petroleum suppliers to India.
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