India not worried about possible US sanctions on Russian oil imports: petroleum minister
Trump recently said the US could impose 100% tariffs on Russia and 'secondary tariffs' on countries importing its oil – mainly China and India – if Moscow didn't agree to a deal to end the Ukraine war in 50 days.
Responding to a question on India's likely measures in case secondary sanctions were imposed on Russian oil imports, he said, 'My my own view is the price of oil will come down. It will come down only because there is more oil available in the international market. There is more oil coming on the global market from the western hemisphere. I mean countries such as Brazil, Guyana and Canada. They're not even OPEC+ members. I'm not worried at all. If something happens, we'll deal with it.' He added that India felt 'no pressure' and had enough supply options to ensure uninterrupted availability even in turbulent times.
Citing estimates, Singh said Russian oil accounted for about 10% of global oil production and that if India and other countries didn't buy it at all, prices could shoot up to $130-140 a barrel.
China and India are the largest importers of Russian oil. After the West sanctioned Russia and imposed price caps on its oil in 2022 over the invasion of Ukraine, India increased imports of Russian oil as the country offered steep discounts. In February 2022, at the start of the Russia-Ukraine war, Russian oil comprised of 0.2% of India's oil imports. It has now increased to around 36%.
India has maintained that its strategy for sourcing energy prioritises its national interest and that of Indian consumers. 'We will buy from wherever we have to because the prime minister's commitment is to the Indian consumer,' Puri said during the fireside chat.
The minister also said India has significantly diversified its sources, buying from nearly 40 countries compared to 27 earlier, and is ready for any global supply disruption, including a hypothetical closure of the Strait of Hormuz.
Speaking about efforts to boost domestic oil and gas production, he said the government has opened up 257,000 square kilometres, the biggest ever offering, for bidding under the 10th round of the open acreage licensing policy (OALP). 'We had 3.5 million sq km of sedimentary area. We've already opened up 1 million sq km, including previously declared no-go zones,' Puri said.
Assuring Indians of adequate energy supplies even during geopolitical turbulence, he said during the recent Middle East conflict and concerns of a blockade of the Strait of Hormuz, Indian state-run oil marketing companies had 21 days of inventory.
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