India will be able to meet its oil needs from alternative sources if secondary sanctions hit Russian supplies, Oil Minister Hardeep Singh Puri is confident. This is reported by Reuters.
Earlier this week, US President Donald Trump warned that countries buying Russian oil could face sanctions if Moscow does not reach a peace deal with Ukraine within 50 days.
Puri believes that India can resolve any difficulties with Russian imports by turning to other countries. He noted that many new suppliers are entering the market. In addition, India is increasing exploration and production.
“I am not at all worried. If something happens, we will cope,” Puri said at an industry event in New Delhi. “India has diversified its sources of supply and I think we have gone from buying from about 27 countries to about 40 countries now,” he added.
Russia remained India’s largest oil supplier, accounting for about 35% of total supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates.
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