New Delhi: India has played a stabilising role in the global energy market by buying discounted Russian oil under a price cap, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said on Thursday. He asserted that under Prime Minister Narendra Modi’s leadership, India has been a net positive contributor to global energy price stability.
In a post on X, Puri said, “India, under the leadership of PM @narendramodi Ji, has been a net positive contributor to global energy price stability, while at the same time we successfully navigated the trilemma of energy availability, affordability and sustainability.”
Puri pointed out that Russia, with over 9 million barrels per day of crude oil production — nearly 10 percent of the global oil supply — plays a critical role in the world’s energy balance. Any disruption in this supply, he said, would have sent prices soaring.
"Imagine the chaos if this oil, amounting to about 10 percent of the global oil supply of around 97 million, vanished from the market. It would have forced the world to reduce its consumption, and since the consumers would be chasing the reduced supplies, the prices would’ve spiralled to over $120–130," he wrote.
He added that Russian oil was never under global sanctions and that “sensible decision makers around the world were aware of the realities of global oil supply chains and how India was only helping the global markets by buying discounted oil under a price cap from wherever we could.”
Without naming individuals or countries, Puri criticised those who question India’s energy decisions without understanding global market dynamics. "Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgements on our policies," he said.
Puri also highlighted India’s efforts in making clean energy affordable for its citizens. He said India supplies clean cooking gas to 330 million households at the world’s lowest prices. "We provide universal clean cooking to more than 103 million beneficiary families of the PM Ujjwala Scheme at just USD 0.4/kg or just 7–8 cents/day," he added.