Union Minister Hardeep Singh Puri assured the public that despite global issues like the Russia-Ukraine conflict and Red Sea drone attacks, India’s focus remains on its ‘Nation First’ policy. Puri, who oversees Petroleum and Natural Gas, explained that 85% of India’s crude oil comes from international markets, and the country managed to stabilize oil prices.
Speaking at a press conference, Puri highlighted the impact of the Russia-Ukraine war on oil supply but emphasized India’s efforts to diversify sources and increase purchases from Russia despite potential sanctions. He mentioned the possibility of a significant price hike if India had stopped buying from Russia.
Puri pointed out that even though OPEC+ reduced crude oil production by 5 million barrels, India did not experience a rise in oil prices. He emphasized the transparent nature of India’s oil purchasing policy, focusing on the principle of ‘nation first’ and prioritizing consumer interests.
Addressing the Red Sea crisis and its potential impact on global oil supply, Puri expressed confidence in India’s ability to navigate the situation while ensuring availability, affordability, and sustainability. He assured that despite challenges, the government remains committed to meeting the energy needs of the public.
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