India: If we had not bought oil from Russia, its price would have reached $150 per barrel

the India India is keeping global crude oil prices affordable by purchasing oil from Russia, the Indian Energy Minister said. “The world is grateful that India is buying Russian oil,” the Indian Minister of Petroleum and Natural Gas said. hardeep singh puri, On CNBC, on the sidelines of the Indian Energy Week conference.

He added: “If we start buying more oil from the Middle East, the price of oil will not reach 75 or 76 dollars. It will be at $150“, he added.

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Since the Russian invasion of Ukraine in February 2022, Indian refiners have been getting Russian oil at a discount. Since then, Moscow has become India's main source of crude oil, accounting for about 36% of the country's crude oil imports. As a result, India's oil imports from the Middle East decreased to Low register.

Oil prices are under pressure despite escalating tensions in the Red Sea and fears of expanding conflicts in the Middle East.

The Indian minister said he was not “confused” about whether prices would rise as a result of the lack of availability or affordability of oil.

India's goals

India is expected to be the largest driver of global oil demand growth From 2023 to 2030According to the International Energy Agency in a report on Wednesday.

Indian Prime Minister Narendra Modi announced plans to boost the country's annual oil refining capacity by about 80% to 450 million tons.

India has set an ambitious goal of meeting 50% of its electricity demand from renewable sources by 2030 and moving to 100% renewable energy by 2050.

Currently, 75% of the country's total electricity comes from fossil fuels.

With information from CNBC

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