India's Russian Oil Purchases Stabilize Global Energy Markets

India's Petroleum and Natural Gas Minister Hardeep Puri has defended the country's continued purchase of discounted Russian oil amid the Russia-Ukraine conflict, emphasizing that these imports helped stabilize global energy markets and prevented a steep rise in crude prices. Puri explained that Russia produces over 9 million barrels of crude daily, about 10% of the global supply, and halting these imports would have caused prices to surge to $120-130 per barrel due to supply shortages. He clarified that Russian oil was never under global sanctions but subject only to a price cap, and India’s strategy of buying Russian oil under this cap helped prevent chaotic global supply disruptions. Puri also addressed criticism from Western media and some commentators, asserting that India’s energy policy, under Prime Minister Narendra Modi’s leadership, balances availability, affordability, and sustainability while contributing positively to global energy security. Furthermore, India maintains diversified energy sources, importing significant quantities from both Russia and the United States, and has pushed back against U.S. legislative proposals penalizing trade with Moscow. Overall, Puri highlighted India’s role as a net positive contributor to global energy stability despite geopolitical tensions.