This comes two days after the Organization of Petroleum Exporting Countries agreed to reduce oil output by two million containers a day.
Union Minister of Petroleum and Natural Gas Hardeep Puri announced India will purchase petroleum from wherever it has as the ethical responsibility of the government is to provide energy to its citizens. “If you are clear about your policy, you will buy from wherever you have to. Our energy purchases from sources hitherto unheard of, we are in discussion with them. We will also acquire assets outside,”
“India consumes 5 million barrels a day, and it’s going up. So no we are not told by anyone.. there’s understanding. If there is an issue of how you want to deal with an evolving geo-political situation, the government can have a discussion and those discussions will take place,” he addressed.
The Russia-Ukraine conflict has had far-reaching consequences on the international energy system, disrupting supply and demand patterns and fracturing long-standing trading relationships. The Western countries are gradually dropping their energy purchases from Russia following its attack on Ukraine.
Puri further added,“In our interaction with the oil price producers in the grouping that you call OPEC, or OPEC, plus, our understanding, my understanding, based on what we were told last year that this was a temporary adjustment and what you would see is that by February the amount of crude which is released into the market would be sufficient to cater to the increasing demand,”
