Union petroleum and natural gas minister Hardeep Singh Puri on Tuesday said there is sufficient crude oil supply in the global market and disruptions in one source can be offset by alternative streams. Speaking at an interactive session, Puri asserted that “trade is not governed by any established set of rules,” while emphasising India’s growing refining and export capacity, reported news agency PTI.Puri noted that India, which currently ranks fourth globally in refining capacity, exported refined products worth over $45 billion last fiscal year to more than 50 countries. He added that the country is “aiming to reach the third position” as it continues to expand capacity and integrate refining with petrochemical operations to improve efficiency and competitiveness.“So, I mean, today, I shouldn’t say this, because I could be misquoted. But the fact is there is enough supply in the global market of crude. So even if one supply goes down, you put alternatives elsewhere,” Puri said, according to PTI.The minister said India currently imports crude from 40 countries, with consumption expected to rise to six million barrels per day within a couple of quarters from the existing 5.6 million. Citing the International Energy Agency, he stated that India’s share in the global oil demand increase over the next two decades has been revised from 25 per cent to 30 per cent.Highlighting India’s ethanol blending progress, Puri said the 10 per cent target was achieved five months ahead of the November 2022 deadline. He also referred to reports suggesting that over 100 refineries globally — representing about 20 per cent of capacity — face closure within the next decade, but added that India’s expanding refining base of over 250 million metric tonnes per annum offers a positive contrast.He underlined that energy would play a “crucial part” in India’s growth from a $4 trillion to a $10 trillion economy, serving not only domestic needs but also neighbouring and global markets.Meanwhile, a senior petroleum ministry official was quoted by PTI saying that decisions regarding crude imports from Russia are taken independently by companies. “Companies decide what the most economical oil is and in compliance with the law,” the official said, adding that the government has issued no directive to importers on sourcing oil from Russia.Currently, Russian imports make up around 20 per cent of India’s crude intake. Reliance Industries Ltd, India’s largest buyer of Russian oil, recently said it will “comply with all applicable restrictions” following new US sanctions on two Russian oil giants and is “assessing the implications” to ensure compliance.
