After OPEC Plus, a consortium of oil-producing countries led by Russia and Saudi Arabia declared a slash in oil production, India reiterated its decision to import oil from nations like Russia.
During a meeting with reporters in Washington, DC, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri discussed a range of topics including how India will balance the reduction in OPEC Plus oil production, energy diversification, equity infusion, biofuel blending, and green hydrogen.
The OPEC production cut is anticipated to have an effect on nations like India, the third largest oil importer, given the rising global energy demand.
Puri stated, when discussing the issue of balancing imports from OPEC Plus nations and from the US, which is also an oil exporting nation, "If you are clear about your policy, which means you believe in energy security, energy affordability, you will buy from wherever you have to.
Our energy purchases from sources hitherto unheard of, we are in discussion with them."
When asked how India would negotiate the tightrope of expectations, he responded, "It's not a tight rope, I don't look at - We will also acquire assets outside wherever - I mean in recent months- we did USD 1.6 billion equity infusion which BPCL has done in Brazil. We are looking at assets in Africa."
According to Puri, nations that export oil require customers in order to sell their goods on the market.
The oil production cut announcement by OPEC Plus this week will probably have a cascade effect on geopolitical shifts in the midst of the Russia-Ukraine crisis.
He also presented examples of environmentally friendly hydrogen and how India is providing oil exploration businesses opportunity.
