PanamaTimes

Saturday, Jul 05, 2025

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will secure oil from anywhere as long as the terms are beneficial, India's energy minister Hardeep Singh Puri told CNBC.

India will secure oil from anywhere as long as the terms are beneficial, India’s energy minister told CNBC.

India is the third largest oil consumer in the world, and according to Hardeep Singh Puri, accounts for 30% of global consumption.

“Today we feel confident that we’ll be able to use our market to source from wherever we have to, from wherever we get beneficial terms,” the minister told CNBC’s Tanvir Gill on “Squawk Box Europe,” as part of India’s energy week.

“By beneficial terms in this situation is: you have to be sure of your supplies,” he explained.

India has been buying Russian oil at a steep discount since global powers imposed sanctions on the Kremlin in a bid to cut down its ability to raise funds for its war against Ukraine.

India’s oil imports jumped to a five-month record in December as the country actively ramped up its purchases of Russian crude, according to Reuters.

The report also said that some 70% of January cargoes of Russian oil are going to India, and that the South Asian country is the top buyer of Moscow’s Ural grade oil for several months now.

“We didn’t allow the geopolitical turbulence or the pandemic or anything else to come in the way of our ability to supply to our consumer,” Puri added.


India’s oil investments


In his inaugural address at India’s Energy Week, Prime Minister Narendra Modi called upon foreign investors to take advantage of opportunities in India’s energy sector.

“Our expanding energy sector is creating new opportunities for investment and collaborations in India,” Modi said Monday in Bengaluru, Karnataka. “We are also working on mission mode to increase natural gas consumption in our energy mix by 2030. A target has been set to increase it from 6%to 15%.”

Puri further noted India’s oil consumption has been 5 million barrels a day for a long time. But there is room for local consumption to increase in line with the country’s economic growth, he added.

“If the economy grows at 6.5%, 7% and our consumption grows at three times the global average, then you’ll be looking at not 5 million barrels. But 6 or 6-and-a-half million barrels,” he said, acknowledging it’s still uncertain when that will happen.


India ramps up Russian oil


Both China and India have increased their purchases of Russian oil in the wake of Moscow’sinvasion of Ukraine, benefiting from discounted rates.

India sees its oil purchase from Russia in a different light, said the oil minister. He painted a hypothetical scenario that if global oil supply were to be disrupted, it could lead to a massive jump in oil prices.

“Can you imagine a situation, [where] Iran oil is sanctioned, Russia has problems, Venezuela cannot supply its oil. Then oil price will not be $200 — it will be $480,” Puri said, underlining the Indian government isn’t concerned about where supply comes from, including Russia.

Comments

Oh ya 2 year ago
The world is telling the USA... Puck you. Saudi has announced that it will be selling oil in other currencies than the USD. the petro dollar days are coming to a quick end and then Americans will see what real inflation looks like. The USA has weaponized the dollar and now the chickens are coming home to roost. I hope Panama has a plan in place

Newsletter

Related Articles

PanamaTimes
0:00
0:00
Close
AI Raises Alarms Over Long-Term Job Security
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Brazilian Congress Rejects Lula's Proposed Tax Increase on Financial Transactions
Landslide in Bello, Colombia, Results in Multiple Casualties
Papa Johns pizza surge near the Pentagon tipped off social media before Trump's decisive Iran strike
Juncker Criticizes EU Inaction on Trump Tariffs
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Sole Survivor of Air India Crash Recounts Escape
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
UK and EU Reach Agreement on Gibraltar's Schengen Integration
Israeli Finance Minister Imposes Banking Penalties on Palestinians
U.S. Inflation Rises to 2.4% in May Amid Trade Tensions
Trump's Policies Prompt Decline in Chinese Student Enrollment in U.S.
Global Oceans Near Record Temperatures as CO₂ Levels Climb
Trump Announces U.S.-China Trade Deal Covering Rare Earths
Smuggled U.S. Fuel Funds Mexican Cartels Amid Crackdown
Protests Erupt in Los Angeles with Symbolic Flag Burning
Trump Administration Issues New Travel Ban Targeting 12 Countries
Man Group Mandates Full-Time Office Return for Quantitative Analysts
JPMorgan Warns Analysts Against Accepting Future-Dated Job Offers
Builder.ai Faces Legal Scrutiny Amid Financial Misreporting Allegations
Japan Grapples with Rice Shortage Amid Soaring Prices
Goldman Sachs Reduces Risk Exposure Amid Market Volatility
HSBC Chairman Mark Tucker to Return to AIA as Non-Executive Chair
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Judge Blocks Trump's Ban on International Students at Harvard
Trump Proposes Travel Ban on 'Uncontrolled' Countries
Panama Port Owner Balances US-China Pressures
Trump Administration Accused of Obstructing Deportation Cases
Trump’s China Strategy Remains a Geopolitical Puzzle
Eurozone Inflation Falls Below ECB Target to 1.9%
Call for a New Chapter in Globalisation Emerges
Blackstone and Rivals Diverge on Private Equity Strategy
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Bangkok Ranked World's Top City for Remote Work in 2025
Denmark Increases Retirement Age to 70, Setting a European Precedent
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Escalating Trade Tensions and Market Reactions
OnlyFans Reportedly in Talks for $8 Billion Sale
JBS Gains Shareholder Approval for U.S. Stock Listing
Booz Allen Hamilton to Cut 2,500 Jobs Amid Federal Spending Reductions
Trump Signs Executive Orders to Accelerate Nuclear Energy Development
Harvard Temporarily Blocks Trump Administration's International Student Ban
Nippon Steel Forms Partnership with U.S. Steel, Headquarters to Remain in Pittsburgh
Trump Expands Tariff Threats to Apple and Samsung Devices
Oracle and OpenAI Plan $40 Billion Nvidia Chip Purchase for AI Data Center
Trump Threatens 50% Tariff on EU Goods, Markets React
The Daily Debate: The Fall of the Dollar — Strategic Reset or Economic Self-Destruction?
×