India will cooperate with international sanctions, said the Minister of oil in the country on Tuesday, because the eye markets future US policies under the new administration of President Donald Trump.
“We play according to the rules. If there is an international sanction, which is anchored, we would not like to walk or anything like that, “said India Minister Petroleum and Gas Natural Hardeep Singh Puri with CNBC on the sides of the annual India Energy Week Conference.
“In Russia, there was a price limit and we strictly observed price limitations. Walking, if there are problems, I would take care of them. “
India refineers have I found a discount of Russian oil Because Western and G7 energy sanctions banned many consumers from Moscow supplies, trying to reduce Russian war cassettes after the invasion of Ukraine. Countries that are not subject to funds were able to use insurance and shipping suppliers to facilitate the acquisition and transport of Russian oil on the basis of the price threshold.
New Delhi has repeatedly defended its purchases in the national interest.
“First of all, there is no sanctioned country. This is a lot of misleading. Today, Europe is still buying 25% of gas from Russia. They buy other critical energy from there. So there is no sanctions, “the Minister of Energy,” the Minister of Energy said on Tuesday.
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He also suggested that the government of Trump's predecessor, President Joe Biden, supported the reinforced consumption of Russian oil of India.
“I talked to the Americans, the previous administration. They said: please buy as much as you want. Make sure you buy it at prices. And that's what we did, “said Puri. CNBC contacted the US Department of State for a comment.
India it satisfied about 88% of its needs of crude oil With the help of imports between April and November 2024, not much has changed compared to the year earlier, official data. From January, about 40% of these imports came from Russia, suggesting the data of the KPLler commercial intelligence company.
In 2021, Russian oil accounted for only 12% of oil imports by size. According to KPler data, by 2024, this share increased to over 37%.
Sanctions in concentration
The United States has been the key to shaping global energy policy through sanctions over the past decade. In January, the US imposed sweeping Measures focus on Russian energy companies And oil transporting operators – a movement that, according to analysts, will make it difficult for buyers, such as India, continue to import cheap Russian oil.
Investors were waiting for checking whether the newly installed Trump would continue to grow or relax American energy and clicking restrictions for markets, because the US dollar appoints oil and oil raw materials.
Trump imposed sanctions affecting the Iranian and Venezuelan energy sectors during his first mandate and adopted the approach of the “first America”, which could additionally encourage domestic production – among the questions about the influence that threatened American tariffs could have global supply elsewhere.
Puri signaled his country would not be unfavorable for the additional acquisitions of the US volumes. “If Americans put more energy on the global market, someone asked me:” Will you buy more? I said, “I would be surprised if not.” Because it is in a natural flow – he added.
Sanctions and trade development coincides with the period in which Increase in oil consumption in India He overtook China, contributing to a 25% global increase in oil consumption.
“I am convinced that geopolitical tensions should be managed,” Puri said on Tuesday, noting the current characteristics of the base of supply on the oil market, “depending on who you talk to and depending on where they stand on the equation” as producers or consumers.
“A country like India, with solid demand and current consumption of 5.5 million barrels (per day), has a contribution to how the market is going. And we … we plan to use this lever ”, the minister of oil in addition.