New Delhi: Minister of Petroleum and Natural Gas Hardeep Singh Puri said in July that India’s energy diplomacy is not only safeguarding its own future but also helping to stabilise global energy markets.

In a post on X, Puri noted that India has expanded its oil sourcing from 27 to 40 countries and that the country’s “smart energy diplomacy – including purchasing from Russia – helped avert $130+ per barrel oil shocks” worldwide. He also pointed out that India accounted for 16 per cent of global oil demand growth over the past decade.

According to the International Energy Agency (IEA), India is expected to drive 25 per cent of global energy demand growth over the next 20 years, Puri added. The minister underscored that Russia, one of the world’s top crude producers, contributes more than 9 million barrels per day — roughly 10 per cent of the global oil supply of about 97 million barrels daily.

Had this supply been removed from global markets, consumers would have faced severe shortages, pushing prices above $130 a barrel, he explained. “Under the leadership of Prime Minister Narendra Modi, India has been a net positive contributor to global energy price stability, while successfully navigating the trilemma of energy availability, affordability, and sustainability,” Puri stated.

He clarified that Russian oil has never been under global sanctions. “Sensible decision-makers around the world understand the realities of global oil supply chains. By buying discounted oil under a price cap, India was in fact supporting global markets,” Puri said.

At the Urja Varta 2025 summit in July, the minister said that India has diversified its oil import sources, which is why the government is not “unduly worried” about any US crackdown on Russian oil exports. “There’s plenty of oil available globally. Iran and Venezuela are under sanctions now, but that may not last forever. Countries like Brazil and Canada are increasing output. At this point, I’m not worried about supply,” he added.

The minister’s comments came amid the backdrop of former US President Donald Trump’s announcement of potential secondary sanctions on countries buying Russian oil.