India, one of the largest oil importers, remains confident that it will navigate through the situation which will arise following the recent announcement of a cut in oil production quotas by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.
“There are countries in OPEC+ they never turned around and told us that they don’t want to sell to us. Well, if you don’t sell to India and China they’re not too many big markets left,” Petroleum and Natural Gas Minister Hardeep Singh Puri told reporters in Washington on Friday.
“India will buy oil from wherever it has to for the simple reason that this kind of discussion can’t be taken to consuming population of India… Have I been told by anyone to stop buying Russian oil? The answer is a categorical ‘no’..,” he added.
#WATCH | “…India will buy oil from wherever it has to for the simple reason that this kind of discussion can’t be taken to consuming population of India…Have I been told by anyone to stop buying Russian oil?The answer is a categorical ‘no’..,” says Petroleum & Natural Gas Min pic.twitter.com/rgr0Abg9K0
— ANI (@ANI) October 8, 2022
Puri highlighted India is one of the largest oil importers and the demand is expected to rise driven by an increase in India’s per capita consumption of energy which currently stands at one-third of the global average. He stressed further that the fuel demand is expected to keep rising as the country’s economy grows.
“I say this again with the view of confidence and most analysts feel that the 25 per cent of the global increase in demand will come from India in the coming decade, so, I see this 5 million barrels a day consumption going up to six and seven.. the economy is growing at 7 per cent and energy is a critical driver of that economic growth.”
Puri also participated in a “very productive” ministerial dialogue of US-India Strategic Clean Energy Partnership with US Secretary of Energy Jennifer Granholm in Washington.
“Substantial progress has been made across all the 5 pillars of the updated #USISCEP which was launched in 2021 following US-India Climate & Clean Energy Agenda 2030 partnership announced by PM @narendramodi Ji & @POTUS President Joe Biden,” he tweeted later.
The minister highlighted that as the second and third largest energy consumers, US and India are working steadfastly together towards rapid deployment of green technologies.
(With agency inputs)
