Puri highlighted the nation’s approach to securing energy security, including diversification of crude oil imports and promoting ethanol blending.
“India is already importing crude from over 30 countries,” Puri said, adding that the nation will continue importing oil from wherever prices are favourable.
“We will continue importing from anywhere if the price is right,” He said while also highlighted the rising role of the US, with India already importing $20 billion worth of energy from the country.
The minister noted that despite OPEC+ production cuts, global oil supply remains ample, driven by increased production from countries like the US, Canada, and Guyana.
Also read: India is not worried about US sanctions on Russian oil
“2024 has confirmed that more energy is coming to the market than can be consumed in the foreseeable future,” Puri stated. For instance, the US, already producing 13 million barrels per day (mbpd), could add 1.5 mbpd to the market.
Meanwhile, despite OPEC+ reducing production by 5 million barrels per day, global oil prices hover at $70–72 per barrel, below their desired $80 mark.
“The newly elected US President is appealing for lower oil prices, and this is positive news for economies,” Puri said, adding that it is a ‘plus plus’ for the energy sector.
Additionally, he highlighted the progress in ethanol blending, which surpassed 19% in December 2024, inching closer to the target of 20%.
“If the target is 20% by the end of the ethanol blending year in October, and we are already in January with previous figures nearing that mark, it’s clear we’ve essentially achieved the target,” Puri said.
(Edited by : Sheersh Kapoor)
First Published: Jan 28, 2025 4:11 PM IST
