Sanctions On Russian Crude: 'No Need To Panic', Says Hardeep Singh Puri

"When there were talks of US removing restrictions and calling other players for lower oil prices, to me that's good news. It stems from the fact that there is enough crude oil in the world. We are now talking about availability. There's more oil coming in from the western hemisphere. I'm hearing reports of Brazil, Canada and more producing oil," Puri told NDTV Profit.

"When there were talks of US removing restrictions and calling other players for lower oil prices, to me that's good news. It stems from the fact that there is enough crude oil in the world. We are now talking about availability. There's more oil coming in from the western hemisphere. I'm hearing reports of Brazil, Canada and more producing oil," Puri told NDTV Profit.

"'Drill, baby, drill' is a catchy way of messaging that 'if you were held back by concerns, we will now produce more and put more on the market'. To me, these are positive developments," said Puri.

Puri assures that India is not paying more for its crude imports. He is confident that there is enough oil available in the world, especially with new countries coming in the landscape for crude imports.

"I would worry about margins, it is legitimate. There are challenges... but there is also something very important - things like your refining capacity growing. Look at the figures, we are taking about (Rs) 80,000 crore investments," he said.

Zooming out, Puri puts into perspective that the Russian imports to India have been a rather recent development.

"The Russian imports were never a part of the Indian import scene, it started in 2022. And it started because of geo-political turbulence, trouble in the Red Sea and more. Suddenly we found that a country that produced 13 million barrels a day, will now make energy available at a discount. Basically a new source. It's easier for us because we issue tenders at the point of importation," he explained.

Energy is the lifeline of an economy and Puri noted that Indian companies are doing well.

"India is very comfortably positioned in terms of crude imports. I am very sure Trump can end some global conflicts," he said. "No need to panic, I would not even call it anxiety. This is the world we live in. We sign contracts, we buy spot, I think India is in a comfortable position. It's easier for us because we issue tenders at the point of importation," he said.

Puri believes that India's oil consumption will grow going forward. The country's oil consumption has gone up from 5 million barrels per day to 5.5 million barrels per day in the last 3 years.