In a post on X, he wrote, “While they remain fixated on India’s oil purchases from Russia, what many around the world don’t seem to realise is that the global oil prices would have hit the roof if India had not bought oil from Russia.”
While they remain fixated on India’s oil purchases from Russia, what many around the world don’t seem to realise is that the global oil prices would have hit the roof if India had not bought oil from Russia.
Leaves one with a feeling that they are not able to wrap their heads… pic.twitter.com/mT1GBoFo5d
— Hardeep Singh Puri (@HardeepSPuri) November 8, 2024
He also stressed that the decision to source oil from Russia has been critical in achieving a balance between energy cost, availability and sustainability, a difficult ‘trilemma’ that many countries have struggled with.
“Leaves one with a feeling that they are not able to wrap their heads around the fact that even as countries around the world struggled with energy supplies and prices, India successfully navigated the trilemma of energy availability, affordability & sustainability with a flourish under the dynamic leadership of PM @narendramodi Ji,” Puri wrote.
The minister added that India will continue to buy oil from wherever its companies get the best rates, prioritising its citizens’ interests. “We owe it to our citizens – India will buy oil from wherever our companies get the best rates,” he added.
India did the entire world a favour by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed to $200/barrel. Russian oil was never under any sanctions and there was only a price cap, which Indian entities also followed.
Let us not forget… pic.twitter.com/JZsvoFX74T— Hardeep Singh Puri (@HardeepSPuri) November 7, 2024
Earlier in another post, the Union minister said that India did the entire world a favour by buying Russian oil, writing, “If we had not done so, the global oil prices would have skyrocketed to $200/barrel.”
He also emphasised that Russian oil was not subject to sanctions and there was only a price cap, which he assured Indian entities adhered to. Puri pointed out that many other European and Asian nations made significant energy purchases from Russia.
“Let us not forget that while some ill-informed commentators talked about putting restrictions on India, many other European and Asian nations bought much more crude oil, diesel, LNG, rare earth minerals worth billions of dollars from Russia,” he wrote.
The minister claimed India was the only major consumer where fuel prices have come down significantly over the last three years despite global price increases.
