Crude Oil Price History in India: Once again there is a boom in the crude oil market. Let us tell you that there are reports that India is under pressure not to buy crude oil from Russia. Petroleum and Natural Gas Minister Hardeep Singh Puri said that no country has asked India to stop buying oil from Russia. At the same time, India will continue to buy crude oil from any country from where it is to be bought.
Western countries stop shopping
After Russia’s attack on Ukraine, Western countries stopped buying oil from Russia. Due to which the price of crude oil of Russia fell. In such a situation, China and India continued to purchase crude oil from Russia at low prices. At present, India is the third largest oil importer and consumer country in the world.
moral responsibility of the government
During an interaction with US officials on clean energy, Minister Puri said that it is the moral responsibility of the government to provide energy to its people at affordable prices. He said that “India will buy whatever crude oil it wants to buy and the simple reason for this is that such a discussion cannot be held in the context of India’s consumer population.” Anyway, no one has forbade us to buy oil from Russia.
OPEC Plus will remain neutral
On the other hand, Minister Puri has expressed confidence that India will be able to reduce the impact of the decision of the Organization of the Oil Exporting Countries (OPEC) and its allies ‘OPEC Plus’ to cut oil production by 2 million barrels per day. “If you are clear about your oil policy which means you believe in energy security and energy affordability, then you will buy energy from the sources you want to buy,” Puri said after bilateral talks with US Energy Secretary Jennifer Grenholm. .
Where to buy the cheapest oil from there
85% of India’s crude oil needs are met by imports. At the same time, India is trying to expand the scope of its sources of oil procurement. The Indian government has been defending oil purchases from Russia on the ground that it will have to buy oil from where it is cheapest. The government has expressed no desire to join the US-led G-7 group’s plan to cap the price of oil purchased from Russia to limit its revenues.
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