Puri told CNBC-TV18, “There is no cause for concern at all. Enough oil is available in the world, with increasing supplies coming from the Western hemisphere.”
On Bharat Petroleum’s claim of insufficient cargoes for March, Puri reiterated his confidence in global oil availability. However, he noted that while the US sanctions might not disrupt India’s supply chain, “the same discounts won’t be available.”
India became the second biggest buyer of Russian crude oil since Moscow invaded Ukraine in February 2022, with purchases rising from less than 1% of the total oil imported to almost 40% of the country’s total oil purchases.
The rise was primarily because Russian crude oil was available at a discount to other internationally traded oil due to the price cap and the European nations shunning purchases from Moscow.
India’s crude oil imports from Russia rose by 11.7% to about 1.9 million barrels per day (bpd) in September, accounting for about two-fifths of the nation’s overall crude imports in the month.
Commenting on Donald Trump’s remarks at the World Economic Forum about urging OPEC to lower crude prices, Puri responded wittily, “What a lovely sentiment. I hope they all agree.” He added, “If OPEC brings down prices, it will benefit us as a country. If they don’t, there are other suppliers.”
However, he feels highly optimistic that oil prices will come down, “I am not a betting person, but the prices will come down.”
Discussing Trump’s drilling plans, Puri called it a signal of intent, stating, “The jury is out on how much oil will finally come in, but the trend is positive.”
Also read: World Economic Forum Annual Meeting Highlights: Trump says he will ask Saudi Arabia and OPEC to bring the price down
India, the world’s third-largest oil importer, purchased 120.5 million tonnes in H1 FY25, reaffirming its position as a key market for global suppliers.
On the feasibility of US oil imports, given the distance, Puri clarified that tenders are issued at the import point. “If someone wants to sell to us, it’s up to them to adjust freight costs. Everyone wants to sell to India,” he emphasised.
With OPEC’s spare capacity at 5.8 million barrels per day and US production hitting record highs of 13.46 million barrels per day as of October 2024, Puri remarked, “There is no shortage of oil.” He also pointed out India’s steady fuel rates, noting, “When global prices were high, we kept them steady and brought them down. We already have the cheapest rates.”
While Puri refrained from commenting on the upcoming Union Budget, he hinted at the government’s push for green hydrogen, saying, “The overall sense is that green hydrogen needs to be pushed.”
Also read: Oil set for first weekly drop this year as Donald Trump rattles market
India is also ready to import more LNG from the US as it continues balancing its oil and gas imports while advancing on its green energy transition, he added.
In November last year, India achieved a major milestone in its renewable energy journey, with the country’s total renewable energy capacity surpassing 200 GW (gigawatts).
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