India will buy oil from wherever it has to: Union Minister Hardeep Puri in US

Union Minister of Petroleum and Natural Gas. Hardeep Singh Puri has said that India will buy crude oil from whichever country it wanted and that New Delhi faces no pressure from Washington to cut its energy buys from Russia. “India will buy oil from wherever it has to for the simple reason that this kind of a discussion cannot be taken to the consuming population of India,” Puri told media persons in Washington. “Have I been told by anyone to stop buying Russian oil? The answer is a categorical No,” Puri asserted when asked if India has been under pressure to reduce energy dependence on Russia.

India will buy oil from wherever it has to india consumes 5 million barrels a day and that consumption is going up have i been told by anyone to stop buying russian noise the answer is a categorical no one question uh minister was about our our energy buys from russia did they figure in your conversations look i i want to tell you that there has been a fair amount

Of misconception on energy buys from russia i have said quite frequently and i said that to my colleague the external affairs minister that you know typically europe buys in one afternoon what we were buying in a quarter we ended the financial year 31st march 2002 with a total amount of imports of russian oil at 0.2 percent 0.2 percent yes when 24th february took

Place and in the months if i remember correctly april may june in that quarter you know of the first quarter of the next year imports from russia was significantly a rose as a result of the uh you know dislocation in the market but subsequently uh uh other suppliers stepped in and i think in the following months i think another middle eastern supplier was was at

Number two situation i think the saudis were number one supplies always and for a one quarter i think the russians moved up then the other middle east supplies come look let me make it very clear india will buy oil from wherever it has to for the simple reason that this kind of a discussion cannot be taken to the consuming population of india i mean just imagine

What has happened the kind of dislocation and chaos you have in some countries i don’t want to list any but let’s say in india’s vicinity where for the love of money there is no energy now and we have ourselves in one particular case extended assistance up to four billion dollars and a lot of that is in energy so we have a moral duty to supply to our listing now

In very often people don’t understand how the oil trade takes place now if i have to buy let’s say crude from a very far distant place where the cost of the icebreaker has to go in the discount doesn’t work out to very much it for us it’s much easier to buy from a proximate point let’s say uh in the gulf now the oil markets will play we have a large market and

If we have to play the market card to choose make no mistake on this i think everybody has to realize the producer has the sovereign right to decide how much quantity they want to release they say that doesn’t affect the price i it’s their judgment i would respectfully submit that i have a different view if you release quantities which are much shorter it will

Result in you know driving up prices which in turn exacerbates the inflationary situation and which will in turn result in uh deepening the recessionary conditions and make no mistake large parts of europe today i don’t want to name countries i mean i’m on record uh our undergoing that difficulty have i been told by anyone to stop buying russian noise the answer

Is a categorical no i mean tomorrow let’s say there is a shortage i mean my friend represents a paper in the south of india here he knows what is happening uh in countries uh in close proximity is that an argument you will go and tell there to me i can’t supply you energy because and look i’m dependent 85 percent uh of for my imports of crude oil on imports the

Other thing yashwan please remember india consumes 5 million barrels a day and that presumption is going up you know our civil aviation is packed a cars roads are full uh economic activity is booming so no we are not told by anyone to that don’t buy this loan there is understanding i mean if there is an issue of how you want to deal with the evolving geopolitical

Situation mature governments can have discussions and those discussions will take place

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India will buy oil from wherever it has to: Union Minister Hardeep Puri in US By ANI News