India seeks to use global energy challenge as opportunity, says India oil minister
Diplomat Times (New Delhi) – Oil Minister Hardeep Singh Puri said on Thursday that India, the world’s third largest oil importer, hopes to convert the current global oil challenges from the Ukraine crisis into an opportunity to access cheap energy. Russian oil price range.
India, which rarely used to buy Russian oil because of costly logistics, has emerged as Russia’s second biggest oil client after China as some Western entities shunned Moscow purchases following its February invasion of Ukraine.
“At this time, the worry is not about from where we will get energy,” Puri said at a broadcaster Times Now summit. “It is a global challenge but we have and we will convert this into an opportunity. And I don’t foresee any difficulty in procuring energy and securing at affordable prices.”
The United States has stopped buying Russian energy and European countries will stop Russian crude and refined product imports from December 5 and February 5, respectively.
The Group of Seven nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec. 5.
EU fails to agree gas price cap amid deep differences
Some Indian refiners are already getting Russian oil at below or near the prices cap levels.
The West has exempted Russian oil supplies via pipelines to Hungary and China, and exports from Sakhalin-2 projects to Japan. “So the question arises that on whom this price cap will be imposed, if these three large exemptions are there,” Puri said, indicating that the mechanism is aimed at supplies to India.