Today there's more oil in market than takers: Union Minister Hardeep Puri

New Delhi [India], February 8 : Highlighting that India has diversified its sources of oil supply for cheaper purchases, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said that the country is now importing oil from 39 countries against 27 earlier.
"India has diversified its sources of oil supply, earlier we were importing crude oil from 27 countries now we are importing from 39 countries. If I can buy some from some source and I can buy it at a cheaper price, we are the winners," Puri said in a BBC interview, which he shared in his social media post on X.
The remarks of the Union Minister comes at a time when India is gearing up to host world's second largest energy event, India Energy Week (IEW) which is scheduled to be held in Delhi from 11-14 February.
On the cheaper oil purchases, Minister said, "We have diversified our sources of supply, which were 27 countries and we are importing from 39 countries now. But today nobody is vulnerable to external oil. There's more oil coming on the international market."
Minister further said that International Energy Agency (IEA) is right regarding the total demand increase in the next two decades, "25% will come from India. On that they are totally correct. But today there's more oil in the market than there are takers."
The Union Minister also clarified that the India is not purchasing cheaper oil from Russia against the wishes of United States.
"It is not against the wishes of the United States. Let me enlighten you. What the United States told us and told many others, is that they wanted us to buy as much oil from Russia as we like, as long as we bought it at a reasonable price and that was music to my ears. There's no sanction on Russian oil then or now, none whatsoever," he said.
"Let me share what actually has happened. There have never been sanctions on Russian energy per se. Russian oil coming or gas coming through a pipeline to Hungary has been exempt all along. Russian energy going through a pipeline to Japan has been exempt. And today Europe is also buying 20-25% of its gas from Russia. So what the US said, buy as much you like, buy it reasonable. There was a something called a price cap. Now it's music to my ears. If I can buy from some source and I can buy it at a cheaper price, we are the winners," he added.
The main point to notice there is more oil coming on the global market, mostly from the Western Hemisphere, then there is need for that oil. So whenever there is a situation of more oil availability, the vulnerability does not arise.
In the report 'Indian Oil Market Outlook to 2030', released at the second edition of India Energy Week 2024 in Goa, mentioned that India will become the largest source of global oil demand, while growth in developed economies and China initially slows and then subsequently goes into reverse.
Meanwhile, IEA is set to share insights on the India's oil and gas sector during the 3rd edition of India Energy Week (IEW) here in the national capital from February 11.
Besides, IEW will also witness sharing of market insights by the Organization of the Petroleum Exporting Countries (OPEC). Chief of IEA and OPEC are arriving in India to attend the second-largest energy event globally. Nobuo Tanaka, Executive Director Emeritus, International Energy Agency (IEA) will share his insights on India's energy demand.
On day two of IEW, there is a session on The World Oil Outlook (WOO), which is one of OPEC's flagship publications, combining the expertise of the OPEC Secretariat and professionals in OPEC Member countries.
The 18th edition of the WOO will likely examine developments in energy and oil demand, oil supply and refining, the global economy, policy and technology, demographic trends, environmental issues and sustainable development.
Other than OPEC Chief Haitham AL Ghais, OPEC Director, Research Division Ayed Al-Qahtand Abderrezak Benyoucef Head, Energy Studies Department, Research Division of OPEC will be also there to share their insights on OPEC's commitment to knowledge-sharing and data transparency.