India's purchase of Russian oil helped bring down global prices: Hardeep Puri
In an interview with a foreign news channel, Puri said, 'Russia is one of the largest crude producers with over 9 million barrels/day. Imagine the chaos if this oil, amounting to about 10 per cent 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 reduced supplies, the prices would've spiralled to over $120-130.'
'India, under the leadership of Prime Minister Narendra Modi, 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,' the minister said.
He explained that Russian oil was never under global sanctions. '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,' the minister said.
'Some commentators who do not have an understanding of the dynamics of energy markets pass unnecessary judgments on our policies,' he added.
The minister pointed out that India continues to provide clean cooking gas to 330 million households in the country at the lowest prices in the world, while it provides universal clean cooking to more than 103 million beneficiary families under the PM Ujjwala Scheme at just 0.4 dollars/kg or just 7-8 cents/day.
Meanwhile, the minister also said, in a statement on X, that India plans to explore and drill for oil and gas with a whole new momentum across 2.5 lakh sq km in Round 10 under the Open Acreage Licensing Policy (OALP).
He highlighted that India's target is to increase the country's exploration acreage to 0.5 million sq km by 2025 and 1.0 million sq km by 2030.
Being close to discovering a Guyana-scale oilfield in the Andaman Sea, India is in the midst of one of the most ambitious plans to enhance the efforts to drill for more and further enhance hydrocarbons exploration in the country, he added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
16 minutes ago
- New Indian Express
Air sirens part of life, nearly 1,500 Indian students still in Ukraine: Malayali doctor
KOCHI: The people in Ukraine have learnt to cope with a deadly war, which began in February 2022, even as Russian bombing continue to cause civilian casualties on a daily basis, said Dr U P R Menon – who has been residing in the eastern European country for the past 40 years – in Kochi on Tuesday. He is currently on a short visit to his ancestral house at Edappally. 'Air sirens have become a part of our lives. As they sound, we will all go to the underground shelters. The country has an underground metro system and the stations will be packed with people when the air sirens go off,' Menon said at the Changampuzha Park as part of a talk on 'Devastation Due to War: A First-Hand Account'. While most of the foreign citizens have fled the country, many foreign students pursuing higher education have returned, he said. 'There are now only around 50 Indians continuing to reside in the country. However, there are nearly 1,500 Indian students. The medical course there is of six years. Those who were studying up to third or fourth year courses have migrated to universities in other countries like Georgia. But the students in the final year semesters (5 and 6) have returned and are studying in universities located close to eastern Europe,' he said. Menon is set to return to Ukraine on July 19. Having settled down in Kyiv, Ukraine's capital, he is running a medical consultancy there.
&w=3840&q=100)
First Post
20 minutes ago
- First Post
Why Trump's threat of 'secondary tariffs' on Russia is bad news for India
India currently imports 1.6 to 1.7 million barrels of discounted Russian oil daily — roughly 35 per cent of its total crude demand. Donald Trump's threat of 100 per cent secondary tariffs on Russian trade partners within 50 days could disrupt these flows and imperil a bilateral trade agreement with the US, just as final negotiations near their August 1 deadline read more US President Donald Trump boards Air Force One at Morristown Airport as he departs for Washington, in Morristown, New Jersey, US, July 6, 2025. File Image/Reuters India now faces a potential economic challenge. US President Donald Trump's latest policy proposition — a sweeping set of 'secondary tariffs' aimed at countries maintaining commercial ties with Russia — could directly disrupt India's critical oil imports and complicate its trade with the United States. The threat of 100 per cent tariffs on Russian trade partners has raised alarm in New Delhi and across many capitals in Asia and South America. Trump has declared that unless the Kremlin agrees to halt its military offensive in Ukraine within 50 days, nations purchasing Russian oil, gas, arms or agricultural products will face severe trade penalties. STORY CONTINUES BELOW THIS AD The move is seen as an attempt to suffocate the Kremlin's economic lifelines by penalising its remaining trading allies, including India, China, Brazil, Turkey, Vietnam and the United Arab Emirates. Why India is a target Speaking from the White House, Trump announced a bold new initiative to apply 100 per cent tariffs on nations that continue economic engagements with Russia, particularly in the sectors that fund the war effort. 'We're going to be doing very severe tariffs if we don't have a deal in 50 days, tariffs at about 100%,' the US president stated. Rather than directly targeting Russian exports, the plan focuses on cutting off Moscow's access to international markets by penalising the buyers — what Washington refers to as 'secondary tariffs.' These would apply to goods imported into the United States from any country that maintains significant trade with Russia, especially in energy and defence. India's role in this ecosystem is significant. Since Western sanctions began taking effect in 2022, following Russia's full-scale invasion of Ukraine, India and China have become the top two destinations for Russian oil. In 2023, both countries surpassed the European Union in seaborne crude imports from Russia, jointly accounting for nearly 85–90 per cent of the total volume exported by Russian state-backed energy firms. India alone currently imports about 1.6 to 1.7 million barrels per day, which fulfils around 35 per cent of its daily oil needs, according to market experts. STORY CONTINUES BELOW THIS AD India's dependence on Russian oil has grown due to the steep discounts offered by Moscow since the start of the war. These discounts brought prices below the $60 per barrel price cap set by the European Union, making Russian oil financially appealing for Indian refiners. Russia's crude grades — medium sour and light sour — are also better suited to India's refining infrastructure than the lighter, sweeter crude grades produced in the US. Brazil, China, UAE and beyond India is not alone in its vulnerability. The secondary tariff threat is aimed at more than a dozen countries across multiple continents. In West Asia, the United Arab Emirates functions as a financial conduit for Russian energy transactions, even if it is not a primary consumer of Russian oil. Dubai, in particular, has become a financial sanctuary for Russian capital and oligarch wealth. Turkey, a Nato member, remains heavily reliant on Russian fossil fuels, including both crude oil and natural gas. Brazil, a major agricultural economy, is one of the largest buyers of Russian fertilizers — a key input for its production of soybeans, sugar and coffee. STORY CONTINUES BELOW THIS AD Vietnam and Thailand, which have tried to maintain a neutral stance in the Russia-Ukraine conflict, also maintain energy and defence ties with Moscow. The secondary tariff scheme is meant to push these countries toward breaking those economic relationships. But of all the countries affected, India stands out — not only for its large-volume oil purchases but also because of its growing strategic partnership with the United States. Support for Trump's pressure campaign Trump's strategy has gained endorsement from key figures in Nato and the US Congress. Mark Rutte, the Secretary General of Nato, expressed strong support for the secondary tariff plan during his recent meetings with US lawmakers and with Trump himself. 'My encouragement to these three countries, particularly is, if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this, because this might hit you very hard,' said Rutte. US President Donald Trump meets with NATO Secretary General Mark Rutte, in the Oval Office at the White House in Washington, DC, US, July 14, 2025. File Image/Reuters 'So please make the phone call to Vladimir Putin and tell him that he has to get serious about peace talks, because otherwise this will slam back on Brazil, on India and on China in a massive way,' he added. US Republican Senator Thom Tillis also endorsed Trump's move but raised concerns that the 50-day deadline might allow Putin time to escalate the war further. STORY CONTINUES BELOW THIS AD He stated, 'Putin would try to use the 50 days to win the war, or to be better positioned to negotiate a peace agreement after having murdered and potentially collected more ground as a basis for negotiation.' At the same time, bipartisan legislation is gaining momentum in the Senate. A new bill introduced by Republican Lindsey Graham and Democrat Richard Blumenthal would authorise the US president to impose tariffs as high as 500% on countries purchasing Russian uranium, oil or gas. India-US trade deal As Trump pivots toward a more aggressive sanctions policy, Indian officials are working to avoid the fallout. Earlier this year, India was notably excluded from a list of 14 countries subjected to new US import duties — a list that included close American allies like Japan and South Korea. Washington's decision to spare India at the time was seen as a goodwill gesture, especially as both countries were advancing talks on a bilateral trade agreement. However, Trump has made clear that this reprieve will not last forever. Although the US initially imposed tariffs on April 2, their full enforcement was postponed for 90 days, with an extended grace period until August 1. This deadline, if unmet, may bring India back under tariff scrutiny. Indian Commerce Minister Piyush Goyal recently told the Press Trust of India that negotiations with Washington were progressing at 'a very fast pace.' STORY CONTINUES BELOW THIS AD Both countries have finalised a terms-of-reference framework for the trade deal, following a visit to New Delhi by US Vice President JD Vance. Yet critical roadblocks remain. The US continues to press India to open its markets to genetically modified crops — a proposal that has triggered concern among India's large agricultural base. Other unresolved issues include access for US dairy products, regulatory hurdles on Indian pharmaceutical exports, and tariff barriers affecting automobile components and steel. These issues have taken on greater urgency with Trump's 50-day deadline ticking. Indian trade representatives are working intensively to reach consensus before the cutoff. How Russia reacted to Trump's new ultimatum Despite the mounting pressure, Moscow has not shown signs of yielding. Senior Russian officials dismissed the secondary sanctions threat outright, calling Trump's ultimatum 'unacceptable.' Far from causing panic, Trump's comments were met with optimism in Russian markets. Following his announcement, Russia's stock exchange recorded a 2.7 per cent increase, and the ruble appreciated against the US dollar. Analysts suggest that investors may believe either that a diplomatic resolution is still achievable within the 50-day window or that Russia can withstand the sanctions through alternative trade channels. STORY CONTINUES BELOW THIS AD Also Watch: With inputs from agencies
NDTV
23 minutes ago
- NDTV
"India Working Along Same Line As US-Indonesia Trade Deal": Donald Trump
New York: US President Donald Trump stated that India is working on a trade deal along the same lines as the one he announced with Indonesia, which will provide the US with greater access to the Indian market. Under the deal with Jakarta, there will be a 19 per cent tariff on imports into the US, but none on exports from the US to Indonesia, he told reporters in Washington on Tuesday. "India basically is working along that same line", he said. "We're going to have access into India". Negotiators from India and the US are working to reach a deal before the August 1 deadline Trump has set for making deals or face arbitrary tariffs. While he has issued letters to several countries and the European Union threatening tariffs as high as 35 per cent if they don't make a deal by that date, he has sent a similar warning to India. It is not clear if he meant an exact duplication of the Indonesia deal, which would be a tough sell for India, or other levels of tariffs and other concessions by India. If the bilateral trade agreement between the US and India under negotiation mirrors the Indonesian one, it would mean a 19 per cent tariff on India's exports and none on imports from the US. Trump also said that Russia's President Vladimir Putin could agree to a peace deal with Ukraine before the 50-day deadline, which would spare India and others from buying Russian energy products from the 100 per cent punitive tariff he has threatened. Asked by a reporter about the September 2 deadline, he said, "I don't think 50 days is very long, and it could be sooner than that". Trump announced on Tuesday that he was taking strong action against Russia because it has so far refused to agree to a ceasefire in its war against Ukraine. One of those is the imposition of a 100 per cent secondary tariff on countries importing energy from Russia making India and others collateral victims of the actions directed against Moscow. The aim of the punitive tariffs on importers of Russian energy is to force them to stop the purchases and to cut off funds to Moscow, and to make the buyers put pressure on Russia to make a deal. Meanwhile, the Republican Party's leader in the Senate, John Thune, said that he was holding off on bringing a bill that sought to impose a 500 per cent tariff on Russian energy importers. Trump had expressed scepticism about the need for such legislation when he could impose sanctions himself. On the deal with Indonesia and a prospective deal with India, Trump said, "You have to understand, we had no access into any of these countries. Our people couldn't go in. And now we're getting access because of what we're doing with the tariffs". He said that Indonesia has high-quality copper and rare earth minerals that the US needs.
