India Not giving much importance to the possibility of US ban on supply of crude oil from Russia, saying on Thursday, he was confident of fulfilling his oil import needs from alternative sources. Petroleum and Natural Gas Minister Hardeep Singh Puri said that India, the third largest crude oil importer in the world, can buy oil from other countries to deal with any obstacle in oil supply from Russia. On the question asked about the impact of possible US sanctions on Russia, Hardeep Singh Puri said, “There is no pressure in my mind about it. India has brought diversity in sources of oil supply. We used to buy oil from 27 countries earlier, now this number has increased to about 40. ”
India imports 85 percent oil
India fulfills more than 85 percent of the need for crude oil from imports. Traditionally West Asia has been the main oil supplier of India, but Russia has emerged as a major source in the last 3 years. Russian oil was banned by Western countries after Russia’s attack on Ukraine in February 2022. At that time, Russia started giving huge discounts on crude oil, which benefited countries like India a lot. Today, Russia supplies about 40 percent of India’s total crude oil imports.
Crude oil can be increased from these countries
Union Minister Hardeep Singh Puri said that apart from Russia, the supply of crude oil can also be increased from countries like Brazil, Canada and Guyana. Let us tell you that US President Donald Trump recently warned that if Russia does not reach a peace agreement with Ukraine within 50 days, then a ban or 100 percent tariffs can be imposed on countries importing from Russia. Puri said that India is also increasing domestic oil search and production rapidly.
Many benefits of buying oil from Russia
Research Institute Global Trade Research Initiative (GTRI) said on Thursday that India should not come under American pressure to stop procurement of crude oil from Russia and oppose it. Oil imports from Russia have helped India control inflation and maintain economic stability in unstable global environment.
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