Crude oil prices will come down as India looks for more import sources: Hardeep Singh Puri

Oil Minister Hardeep Singh Puri on Thursday said India has the scope to cut fuel prices if crude oil prices stay at current levels for the next two to three months, adding that India is making efforts to import crude oil from different sources.

"The price of oil will come down as more sources of supplies are coming. We have enough oil around," said the minister, highlighting India's proactive strategy in securing energy supplies from a wider range of countries.

Puri said that India has broadened its oil import network. "India has diversified the sources of supplies from 27 to 40 countries now. 16 per cent of oil market growth has come from India, and studies show it may go up to 25 per cent."

Commenting on the threat of secondary sanction from the US against countries engaging with Russia, the minister said, "Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil and even the EU have bought oil and gas from Russia."

Last week, the minister had said India's continued purchase of crude oil from Russia helped stabilise energy prices globally, and halting oil trade from Russia would have spiralled crude prices to over $120-130 per barrel.