India's decision to buy Russian oil helped prevent rise in crude prices in 2022 Ukraine war: Hardeep Singh Puri

Hardeep Singh Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Thursday said India’s decision to buy Russian oil during the 2022 Russia-Ukraine war helped prevent a sharper rise in global crude prices. He said that if India had depended only on Middle Eastern oil, prices could have skyrocketed to $130 per barrel.

“India should be applauded for its pragmatic approach. Russian oil was never under sanctions, only under a price cap. We bought it within that framework, and it helped keep global prices in check,” he said.

Responding to recent comments by U.S. President Donald Trump threatening secondary sanctions on countries purchasing Russian oil, Puri said such statements are often made to influence negotiations. “I have heard these threats. Some statements are made to ensure two disputants settle an issue,” he said.

He added that India is not overly concerned about oil supplies as the global market remains well-supplied. “Iran and Venezuela are under sanctions, but will they be forever? Countries like Brazil and Canada are ramping up output. We have diversified our sources and will not breach sanctions, no matter which country,” he said.

Puri also spoke about India’s domestic oil and gas sector, calling the decade between 2006 and 2016 a “lost decade.” He said poor policy decisions during that period affected exploration and production (E&P) activities. “We didn’t pay enough attention to the E&P sector. We have started correcting that through reforms like the ORD Act,” he said.

He noted that several companies had won exploration blocks but never developed them. “There are blocks that were awarded 12 years ago and still haven’t been touched. We are taking drastic steps now, including cancelling such blocks,” he said.

On offshore exploration, Puri said the government is optimistic about potential discoveries in the Andaman region. “It is my job as a minister to provide an encouraging narrative. We are awaiting a discovery,” he said.