AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

NEW DELHI: India, the world's third biggest oil import, hopes to convert the current global oil challenges from the Ukraine crisis into an opportunity to secure affordable energy, Oil Minister Hardeep Singh Puri said on Thursday, a day after the European Union failed to agree on a Russian oil price cap.

India, which rarely used to buy Russian oil because of costly logistics, has emerged as Russia's second biggest oil client after China as some Western entities shunned Moscow purchases following its February invasion of Ukraine.

"At this time, the worry is not about from where we will get energy," Puri said at a broadcaster Times Now summit. "It is a global challenge but we have and we will convert this into an opportunity. And I don't foresee any difficulty in procuring energy and securing at affordable prices."

The United States has stopped buying Russian energy and European nations will halt Russian crude and refined product imports from Dec. 5 and Feb. 5, respectively.

EU fails to agree gas price cap amid deep divisions

The Group of Seven nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec. 5.

Some Indian refiners are already getting Russian oil at below or near the prices cap levels.

The West has exempted Russian oil supplies via pipelines to Hungary and China, and exports from Sakhalin-2 projects to Japan. "So the question arises that on whom this price cap will be imposed, if these three large exemptions are there," Puri said, indicating that the mechanism is aimed at supplies to India.

Puri, however, said he was not concerned about disruption to oil supplies post-Dec. 5, adding that India has been rapidly diversifying its crude sources and could buy more oil from the United States, Guyana and other nations in the coming years.

Comments

Comments are closed.