Hardeep Singh Puri / India did a favor to the whole world by buying cheap Russian oil- Hardeep Singh

Hardeep Singh Puri: Recently, India's Union Petroleum and Natural Gas Minister Hardeep Singh Puri described India's decision to buy oil from Russia as beneficial for the global economy. Sharing a post on the social media platform X, he wrote that "India has done a favor to the whole world by buying oil from Russia." According to him, if India had not bought cheap oil from Russia, global oil prices could have reached $ 200 per barrel. Thus, Hardeep Singh Puri gave a strong answer to those criticizing India and made it clear that India's decision has proved helpful not only for its citizens but for the whole world.

There was no ban on buying oil from Russia, but there was a cap on the price

Hardeep Singh Puri made it clear in his post that there was no ban on buying oil from Russia, but only a cap was imposed on the price. He told that India has followed this price cap and Indian companies have worked under international rules. He also said that many European and Asian countries have also bought large quantities of crude oil, diesel, LNG, and other minerals from Russia. According to him, some critics had talked about imposing sanctions on India due to ignorance, but this was completely wrong because India bought oil from Russia at a cheap price only by following all the rules.

"We will buy energy from those who give it cheap"

Talking about India's energy policy, Hardeep Singh Puri said that India will continuously buy energy from all those countries that will provide it at cheap rates. He cited the confidence and vision of Prime Minister Narendra Modi behind this decision. He also said that the most important for India is the energy needs of its 7 crore citizens. Hardeep Singh Puri said, "Our top priority is that our citizens get stable, affordable and continuous energy."

Fall in oil prices in India

The Union Minister also pointed out that India is the only major oil consumer country where oil prices have fallen significantly for the last three years. In contrast, oil prices remain high in other countries. India, the world's third-largest oil consumer, depends on foreign oil purchases for more than 80% of its oil requirements. Currently, crude oil WTI futures is trading at $ 71.87 per barrel and Brent crude at $ 75.19 per barrel in the international market.

India's decision beneficial for global economic stability

This statement of Hardeep Singh Puri makes it clear that India's aim is not only to make the energy needs of its citizens cheap and accessible, but also to provide stability to the global oil market. India maintained the continuity of supply in the global market by purchasing cheap energy from Russia, which kept oil prices under control. Puri's statement also shows that India is playing an important role in international economic stability and is also committed to global cooperation while protecting the interests of its citizens.

This decision of India strengthens India's vision of self-reliance and its economic power globally.

India did the entire world a favour by buying Russian oil because if we had not done so, the global oil prices would have skyrocketed to $200/barrel. Russian oil was never under any sanctions and there was only a price cap, which Indian entities also followed.

Let us not forget… pic.twitter.com/JZsvoFX74T

— Hardeep Singh Puri (@HardeepSPuri) November 7, 2024