Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Thursday, Mar 30, 2023

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India will secure oil from anywhere as long as the terms are beneficial, India's energy minister Hardeep Singh Puri told CNBC.

India will secure oil from anywhere as long as the terms are beneficial, India’s energy minister told CNBC.

India is the third largest oil consumer in the world, and according to Hardeep Singh Puri, accounts for 30% of global consumption.

“Today we feel confident that we’ll be able to use our market to source from wherever we have to, from wherever we get beneficial terms,” the minister told CNBC’s Tanvir Gill on “Squawk Box Europe,” as part of India’s energy week.

“By beneficial terms in this situation is: you have to be sure of your supplies,” he explained.

India has been buying Russian oil at a steep discount since global powers imposed sanctions on the Kremlin in a bid to cut down its ability to raise funds for its war against Ukraine.

India’s oil imports jumped to a five-month record in December as the country actively ramped up its purchases of Russian crude, according to Reuters.

The report also said that some 70% of January cargoes of Russian oil are going to India, and that the South Asian country is the top buyer of Moscow’s Ural grade oil for several months now.

“We didn’t allow the geopolitical turbulence or the pandemic or anything else to come in the way of our ability to supply to our consumer,” Puri added.


India’s oil investments


In his inaugural address at India’s Energy Week, Prime Minister Narendra Modi called upon foreign investors to take advantage of opportunities in India’s energy sector.

“Our expanding energy sector is creating new opportunities for investment and collaborations in India,” Modi said Monday in Bengaluru, Karnataka. “We are also working on mission mode to increase natural gas consumption in our energy mix by 2030. A target has been set to increase it from 6%to 15%.”

Puri further noted India’s oil consumption has been 5 million barrels a day for a long time. But there is room for local consumption to increase in line with the country’s economic growth, he added.

“If the economy grows at 6.5%, 7% and our consumption grows at three times the global average, then you’ll be looking at not 5 million barrels. But 6 or 6-and-a-half million barrels,” he said, acknowledging it’s still uncertain when that will happen.


India ramps up Russian oil


Both China and India have increased their purchases of Russian oil in the wake of Moscow’sinvasion of Ukraine, benefiting from discounted rates.

India sees its oil purchase from Russia in a different light, said the oil minister. He painted a hypothetical scenario that if global oil supply were to be disrupted, it could lead to a massive jump in oil prices.

“Can you imagine a situation, [where] Iran oil is sanctioned, Russia has problems, Venezuela cannot supply its oil. Then oil price will not be $200 — it will be $480,” Puri said, underlining the Indian government isn’t concerned about where supply comes from, including Russia.

Comments

Oh ya 50 days ago
The world is telling the USA... Puck you. Saudi has announced that it will be selling oil in other currencies than the USD. the petro dollar days are coming to a quick end and then Americans will see what real inflation looks like. The USA has weaponized the dollar and now the chickens are coming home to roost. I hope Panama has a plan in place

Newsletter

Related Articles

Hong Kong News
Close
0:00
0:00
Tsai Ing-wen received a "warm welcome" from the Chinese people in the US.
EU's von der Leyen: "We know this is an era where we rely on one single supplier. China. 98% of our rare earth supply."
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
AMERICA, 2023
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Paris: Some of the police are stepping down and showing solidarity with the protesters.
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
×