India’s Oil Minister Hardeep Singh Puri credited his country for maintaining prices for “black gold.”
The cost of a barrel of oil could exceed the $200 mark if India decides not to buy cheap Russian oil, citing “geopolitical conflicts.” This is what Indian Oil Minister Hardeep Singh Puri said at the World Economic Forum in Davos, reports said Interfax-Ukraine.
According to him, energy consumption in India is growing three times faster than the world average, and in the next 20 years it may reach 25% of the global figure.
“I was in Davos, maybe two years ago, when the Russian-Ukrainian factor occupied everyone’s opinions. I said then and I will say it now: we must face all these new challenges that we are forced to face pragmatically,” the Indian minister. said.
Singh Puri noted that if India decides not to be pragmatic (buying Russian oil at discounts), ed.), then the world will face a situation where oil will exceed $200.
“Because India cannot stand still, we import 85% of our oil and we have to address issues of resource availability and sustainability,” he added.
India is the third largest consumer of oil in the world. In January-October 2023, the country imported 201.29 million tons of oil (+10.2%).
As you know, after leaving the Western market, the Russian oil industry found itself in an unprecedented dependence in its history on two buyer countries – India and China. Up to 90% of Russian oil and petroleum products exports today go to these countries.
According to Bloomberg, Russia now receives more from oil exports than before the invasion of Ukraine. Shipowners and traders helped the Russian Federation circumvent oil price restrictions.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.