'Imagine the chaos': Oil minister says India’s Russian oil buys shielded global markets from $130 crude shock

Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, defended India’s energy strategy and highlighted its stabilising role in global markets amid geopolitical upheavals, particularly surrounding Russian oil supplies.

Speaking on the current dynamics of the international energy landscape, Puri emphasised that Russia, as one of the world’s largest crude producers with an output of over 9 million barrels per day, accounts for roughly 10% of the global oil supply, which stands at around 97 million barrels daily.

“Imagine the chaos if this oil vanished from the market,” Puri wrote in a post on X (formally Twitter). “It would have forced the world to reduce consumption, and with diminished supply, prices would have spiraled to over $120-130 per barrel.”

Puri pointed out that contrary to certain misconceptions, Russian oil was never under global sanctions. “Sensible decision-makers around the world understood the realities of global oil supply chains. India was helping stabilise the market by purchasing discounted oil under a price cap — sourcing wherever possible,” he stated.

Criticising "uninformed commentary" Puri said, “Some commentators who do not understand the complexities of the energy market pass unnecessary judgments on our policies.”

He asserted that under the leadership of Prime Minister Narendra Modi, India has successfully navigated the global energy “trilemma” — ensuring availability, affordability and sustainability — while playing a constructive role in global energy stability. 

Highlighting domestic achievements, Puri noted that India continues to provide clean cooking gas to 330 million households at some of the lowest prices in the world. “Over 103 million families under the PM Ujjwala Scheme receive clean cooking fuel at just $0.40 per kg — amounting to merely 7-8 cents per day,” he added.

“India remains a net positive contributor to energy security, not just for its own people but for the world,” Puri concluded.