Official announcements by European governments or reports by major news agencies

India's Purchase of Russian Oil Prevented $200/Barrel Surge, Says Minister Puri

Nov 8, 2024, 06:26 AM

Union Minister Hardeep Singh Puri has asserted that India's purchase of Russian oil has played a crucial role in preventing a potential surge in global oil prices. He emphasized that if India had not bought Russian oil, global prices could have skyrocketed to $200 per barrel. Puri, in an interview with CNN and on a US Channel, also stated that India has a moral duty to ensure its citizens are supplied with energy and that the country will continue to source affordable energy from Russia. He noted that European and Asian nations have also bought oil from Russia, underscoring the broader impact of these purchases on stabilizing global oil markets.