Global oil prices “would have exploded” if major importer India had not bought oil from Russia following the Ukraine war, India's oil minister said, adding that prices would determine where the country buys oil.
India, the world's third largest oil importer and consumer, has become the main buyer of Russian oil transported by sea, shunned by Western countries, since the invasion of Ukraine in early 2022. Previously, India purchased little oil from its long-time defense partner, Russia.
New Delhi has repeatedly defended its purchases from Russia, saying they were necessary to keep prices under control in the developing country of 1.42 billion people.
“What many people around the world do not seem to realize is that global oil prices would have reached record highs if India had not purchased oil from Russia,” wrote Indian oil minister , Hardeep Singh Puri, on X Friday at the end of the day.
“We owe it to our citizens: India will buy oil where our companies get the best prices.
India's crude oil imports from Russia rose 11.7% to about 1.9 million barrels per day in September, accounting for about two-fifths of the South Asian country's total crude oil imports. during the month. Russia is followed by Iraq and Saudi Arabia as India's main suppliers.
