India recently revealed how it may have saved the world from a massive oil crisis. During an energy conference in Abu Dhabi, India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, shared a bold statement: if India had stopped buying oil from Russia, global oil prices could have shot up to a shocking $200 per barrel.
Puri explained that India’s decision to continue buying Russian oil wasn’t just about local interests—it helped keep oil prices from spiraling out of control globally. Calling it a “favor to the world,” he emphasized that India's energy policy is based on “pragmatism.” In other words, India’s goal is to secure affordable energy for its citizens, and Russian oil offered the best deal.
The minister also pointed out that Russia’s oil wasn’t banned but only limited by a Western-imposed price cap. India respected this cap but didn’t ignore the chance to buy oil at a competitive rate when other countries, including European and Asian nations, were also purc...
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