London Daily

Focus on the big picture.
Tuesday, Aug 05, 2025

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 2 year 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

0:00
0:00
Close
Elon Musk Receives $23.7 Billion Tesla Stock Award
Texas House Paralyzed After Democrats Walk Out Over Redistricting
Mexican Cartels Complicate Sheinbaum’s U.S. Security Talks
Mark Zuckerberg Declares War on the iPhone
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
Tesla Seeks Shareholder Approval for $29 Billion Compensation Package for Elon Musk
Nvidia is cutting prices on its RTX 50-series graphics cards after sales slowed and inventories piled up
Ghislaine Maxwell Transferred to Minimum-Security Prison Amid Ongoing DOJ Discussions
U.S. Tariffs Surge to Highest Levels in Nearly a Century Under Second Trump Term
Matt Taibbi Slams Media for Role in Russiagate Narrative
Pilots Call for Mental Health Support Without Stigma
All Five Trapped Miners Found Dead After El Teniente Mine Collapse
Ong Beng Seng Pleads Guilty in Corruption Case Linked to Former Singapore Transport Minister
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
Italy Fines Shein One Million Euros for Misleading Sustainability Claims
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
Declassified Annex Links Soros‑Affiliated Officials and Clinton Campaign to ‘Russiagate’ Narrative
UK's Online Safety Law: A Front for Censorship
Nationwide Protests Erupt in Brazil Demanding Presidential Resignation
Parents Abandon Child at Barcelona Airport Over Passport Issue
Mystery Surrounds Death of Brazilian Woman with iPhones Glued to Her Body
Bus Driver Discovers Toddler Hidden in Suitcase in New Zealand
Switzerland Celebrates 734 Years of Independence Amid Global Changes
U.S. Opens Official Investigation into Former Trump Prosecutor Jack Smith
Leaked audio of Canada's new PM Mark Carney admitting the truth about the Net Zero agenda: "We're gonna make a lot of money off of this."
China Enforces Comprehensive Ban on Cryptocurrency Activities
Absolutely 100% Realistic EVO Series Doll by EXDOLL (Chinese Company) used mainly for carnal purposes
World Economic Forum founder Klaus Schwab: "In this new world, we must accept... total transparency. You have to get used to it. You have to behave accordingly. But if you have nothing to hide, you shouldn't be afraid."
Meet Mufti Hamid Patel, head of Office for Standards in Education in Pakistan
George Soros tells the World Economic Forum: "President Trump is a con man and the ultimate narcissist, who wants the world to revolve around him."
Hamas are STARVING the hostages.
Decline in Tourism in Majorca Amidst Ongoing Anti-Tourism Protests
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
Poland Begins Excavation at Dziemiany After New Clue to World War II‑Era Nazi Treasure
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Threatens Canada with Tariffs Over Palestinian State Recognition
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Trump Sues Murdoch in “Heavyweight Bout”: Lawsuit Over Alleged Epstein Letter Sets Stage for Courtroom Showdown
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
Trump Administration Finalizes Broad Tariff Increases on Global Trade Partners
J.K. Rowling Limits Public Engagements Citing Safety Fears
JD.com Launches €2.2 Billion Bid for German Electronics Retailer Ceconomy
Azerbaijan Proceeds with Plan to Legalise Casinos on Artificial Islands
Former Judge Charged After Drunk Driving Crash Kills Comedian in Brazil
Jeff Bezos hasn’t paid a dollar in taxes for decades. He makes billions and pays $0 in taxes, LEGALLY
China Increases Use of Exit Bans Amid Rising U.S. Tensions
×