India says enough crude oil available globally after US raps Russian firms
This story was originally published at 18:56 IST on 28 October 2025
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HYDERABAD – The Indian government Tuesday said there was enough supply of crude oil in the global markets and that companies can opt for alternatives if one source becomes unavailable. Comments by India's Minister of Petroleum and Natural Gas came after the US imposed sanctions on two Russian oil firms that supply 60-70% of India's oil imports from Moscow.
Speaking at an industry event here today, Puri said the growth in the supply of oil was currently higher than the increase in demand. "So, I mean, today, I shouldn't say this, because I could be misquoted, but the fact is, there is enough supply in the global market of crude. So, even if one supply goes down, you put alternatives elsewhere," the minister said.
Russia currently accounts for roughly 10-11% of global crude oil supply. While the Trump administration has only sanctioned the oil firms, and not Russian oil, concerns emerged about supply from one country being cut off because of the latest sanctions.
"And if the equation is that the overall supply and the increasing potential of supply are more than what the increase in demand, then you're also comfortable," Puri said. The US sanctions on major Russian energy companies such as Rosneft and Lukoil have reshaped global oil trade dynamics, indirectly affecting India. Both firms are key suppliers of Russian crude, and restrictions on their shipping, financing, and trading activities have complicated payment mechanisms and insurance coverage for Indian refiners.
A top government official said Indian companies can decide on buying Russian oil based on economic viability and other issues, such as payment mechanisms. Several Indian oil companies are in the process of searching alternative channel to import crude, replacing Russian imports, reports said. End
Reported by Narayana Krishna
Edited by Akul Nishant Akhoury
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