India’s Oil Minister Says ‘We play by the rules,’ As Markets Weigh Us Energy Sanctions

India will cooperate with international sanctions, The Country’s Oil Minister Told CNBC on Tuesday, as Markets Eye Future Us Policy Under The New Administration of President Donald TRMP.

“We play by the rules. If there is an international sanction, which is anchored, we would not want to go around it or Anything,” India’s love of petroleum and Natural Gas Hardeep Singh Puri Told on the sidelines of the annual India Energy Week Conference.

“On russia, yes, there was a price cap, and we adhered strictly to the price cap. Going forward, if there are issues, we will address them.”

India’s Refiners have been snapping up discounted russian oil Since Western and G7 Energy Sanctions Barred Many Consures from Moscow’s Supplies, In an Effort to Whittle Down Russia’s War Coffeers After His Invasion of Ukraine. Countries not subject to the measures have been able to use insurance and shipping provides to facilitate the account and transport of Russian Crude Procured Under A Price Threshold.

New Delhi has reepeatedly Defended Its Purchases as a Matter of National Interest.

“There is no sanctioned country, first of all. It’s a lot of misreprestation that’s taking place. Today, Europe Still Buys 25% of its Gas from Russia. The energy minister Said Tuesday.

He also signals that the government of trump’s predacesor, President Joe Biden, Had Endersed India’s Bolsted Intake of Russian Oil.

“I’ve had a chat with the americans, the previous administration. CNBC has reacted out to the US state department for comment.

INDIA Met about 88% of its oil needs via imports between April and November 2024, Little Changed from a year earlier, official data showed. As of January, about 40% of that those important came from russia, data from trade intelligence firm kpler sugges.

In 2021, Russian Oil Accounted For Just 12% of the Country’s Oil Imports by Volume. By 2024, that share Had surgged to over 37%, according to kpler data.

The us has been key in shaping global energy policy through sanctions over the past decade. In January, the US imposed sweping Measures Targeting Russia’s energy firms And the operators of vessels transporting oil – a move that analysts believe will make it harder for buyers like India to Continue Importing Cheap Russian Crude.

Investors have been waiting to see whether the newly installed trump IES.

Trump imposed sanctions affecting the Iranian and venezuelan energy sector during his first mandate and has taken an “america first” approach that clock furter in inner incentives domestic Atened Us Tariffs Could have on Global Supply Elsewhere.

Puri signals his country would not be advertisement to additional acquisitions of us volumes. “If Americans are putting in more energy onto the global market, somebody asked me: ‘Are you going to buy more? I said:’ i’d be surprised if we don’t. ‘ Being it’s in the natural flow, “He added.

The sanctions and trade developments are coinciding with a period when India’s oil consumption growth Has outpaced that of China, contributing to 25% of the global increase in oil consumption.

“I am convined that geopolitical tensions need to be managed,” Puri Said TuesDay, Noting Current Characteriazations of Supply-Demand Fundamentals in the Oil Market Are “Depending on Whom ‘Rest Y stand on the equation, ” As producers or consumers.

“A Country Like India, with a Robust Demand and A Current Consumption of 5.5 Million Barrels (per day) has a contribution to make in terms of which will goes. ER Added.