"No there's no such expectation...': Hardeep Puri on oil purchases from Russia - World News Network

New Delhi [India], February 11 (ANI): Speaking at the India Energy Week 2025, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri on Tuesday stated that there are “no expectations” that oil purchases from Russia will decrease as India is open to energy imports from all sources at the lowest rates.
On being asked if are you expecting that purchases of oil from Russia will decrease, Puri says, “No there’s no such expectation. All purchases from whichever source are price sensitive and price dependent, I’ve said on many occasions that we float tenders at the point of importation. For instance, we float a tender that at a particular point, let’s say one of the ports, we need this quality of route that anybody can tender prices.
“The quantities we import from individual sources keep going up and down. Earlier we had a somewhat simplistic situation where if we consumed 5 million barrels a day, you had about 5 or 6 suppliers at 800,000 barrels supplying to us. Sometimes it goes up from 800,000 to a million plus, sometimes it drops to 5 lakh 500,000 barrels a day,” Puri added.
He further added, “But it’s all price-sensitive. I mean, if cheaper energy is available, and it’s a very complicated game, it’s not something that I can sit and determine. There is a cost of production per barrel, an international price, which you all monitor in terms of one system or the other system. Then you add to that the cost of insurance, the cost of freight, the dollar exchange rate, and several other things, and then it works out.”
He continued, “So I think the good news is that we import from a large number of sources. New suppliers are coming on the market. I mean, there is more and more energy coming into the global market. And more and more is coming from the Western Hemisphere…”
Meanwhile, Pavel Sorokin, Russia’s Deputy Minister of Energy, on Tuesday said trade relations with India are based on pragmatism and mutual respect.
Talking to ANI on the sidelines of the India Energy Week 2025 being held from February 11-14 at Yashobhoomi in the national capital, the Russian minister said he deeply values the trade relations with India and have a strong belief that it will continue to flourish.
“India is one of our most important strategic partners, and we’re very glad to see that the relationship is developing indeed on a pragmatic basis and on a bilateral basis taking into account mutual benefits and not any political slogans or any politics,” he told ANI.
Russia “really deeply values” the relations with India and “we do have a strong belief that this is how it will continue”, the minister said.
He was also glad to see the progress made in India on the energy front, besides the ambitious plans outlined by Prime Minister Narendra Modi during the inaugural session of the India Energy Week.
The Russian minister underscored for India to significantly enhance its energy capacity, the country should take a balanced and reasonable approach.
“Not just hydrocarbons or renewables, but actually having a balanced and reasonable approach, not taking any of the extremes (is the way).”
Prime Minister Modi’s vision of India is “indeed a very balanced one and achievable”, the Russian minister said, pointing to the hydrogen bus he was riding.
Russia is a key supplier of crude oil to India, and it has been growing at an unprecedented pace.
Asked how does he see India’s imports at a time when Russian oil is under US sanctions, the Russian minister responded, “India is one of our biggest and most important trading partners, and the basis for our cooperation is mutual respect and pragmatism.”
India’s stance has always been that it is open to importing crude oil from all possible sources to meets its demand. India diversified its crude imports from 27 countries to 40 countries. Argentina is the new addition.
US, Russia, Saudi Arabia, UAE, and Iraq are among the big suppliers of crude to India.
India depends on imports for over 80 per cent of its crude oil requirement. Various steps have been taken by the government to increase the production of domestic crude oil and bring down imports.
India Energy Week 2025, the third edition, promises unparalleled global participation from Ministers, CEOs, and industry leaders. The first two editions were held in Bengaluru and Goa, respectively.
Prime Minister Modi delivered his remarks at the inauguration of third edition of India Energy Week 2025 via video message today. He emphasized that the attendees are not just part of the Energy Week, but are also integral to India’s energy ambitions. (ANI)

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