Russian Oil Imports Vital Factor for Global Oil Price Stability

Union Minister Hardeep Singh Puri emphasized that global oil prices would have increased tremendously if India had not purchased oil from Russia. He highlighted that these Russian oil imports have played a critical role in stabilizing global prices, as without them, oil prices worldwide would have surged to even higher levels. Speaking about India's energy strategy, Puri stressed that these purchases were key to preventing even steeper price hikes, thereby helping to mitigate the pressure on global oil markets.

Puri also pointed out that while some nations criticize India for continuing to import energy from Russia, they fail to acknowledge the positive impact India's actions have had on the global oil market.

"While much focus is placed on India's oil purchases from Russia, what many fail to realize is that global oil prices would have skyrocketed if India had not made these purchases," Puri said in a social media post.

The minister emphasized that India's decision to buy oil from Russia has been crucial in maintaining a delicate balance between energy affordability, availability, and sustainability—an issue many countries have struggled to address.

He also noted that while other countries grapple with energy shortages and rising costs, India has been able to meet its energy needs without placing undue financial strain on its people. According to Puri, this success is largely due to Prime Minister Narendra Modi's strategic leadership in guiding the country's energy policy. The minister reiterated that India would continue to prioritize the well-being of its people and economy by securing energy from the most cost-effective suppliers.

India's approach, Puri added, reflects its commitment to ensuring affordable and sustainable energy for its citizens, even in the face of global instability and fluctuating oil prices. Puri's comments come as many nations worldwide continue to struggle with securing reliable energy supplies.