Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Friday highlighted that India's energy diplomacy strategy is not only bolstering the country's energy security but also supporting global market stability.
In a social media post, Puri pointed out that India has increased its network of oil suppliers from 27 to 40 nations.
He attributed this "smart energy diplomacy" — including Russian purchases — with preventing global crude prices from rising above $130 per barrel.
The minister also pointed out that India has been a key player in global energy consumption trends, accounting for 16% of the world’s oil demand growth over the past 10 years. Citing the International Energy Agency (IEA), he said that India is expected to contribute 25% of the global energy demand growth in the next two decades.
Puri stressed Russia's position in international energy markets as he declared that with output exceeding 9 million barrels a day — about 10% of the world's 97 million daily supply — Russia is still one of the world's largest crude producers. He cautioned that taking Russian oil off the global markets could be drastic enough to create extreme supply shortfalls and could drive the price above $130 a barrel.
"India has become a net positive influence for global energy price stability under the leadership of Prime Minister Narendra Modi," the minister stated. He also added that India has been able to solve the "energy trilemma" — availability, affordability, and sustainability — with great success.
Clarifying misconceptions regarding sanctions, Puri emphasized that Russian oil has never been under global embargo. "Prudent policymakers worldwide have long recognized the complexity of global oil supply chains. India, by buying discounted oil at a price cap, has contributed to stabilizing international markets," he said.
Addressing a day ago at Urja Varta 2025, Puri reiterated that India's diversified procurement strategy protects it from being hit by any prospective disruptions, including future sanctions on Russian oil exports.
"There’s no shortage of oil in the global market. Countries like Brazil, Canada, and others are boosting production. Iran and Venezuela may be under sanctions, but that won’t be the case forever," he noted. “We’re not unduly concerned about supply issues. We’ve expanded our sourcing base.”
The remarks by Puri are while increased international focus follows former U.S. President Donald Trump's pledge that secondary sanctions may be imposed on countries that continue to buy Russian oil.
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