Updated March 5th, 2024 at 10:29 IST

India All Set to Diversify Oil Basket, in Talks With Guyana, Suriname, Namibia

India is the world's third-biggest oil importer and consumer and is looking to diversity crude sources, said Puri

Reported by: Apoorva Shukla
Union Petroleum Minister Hardeep Singh Puri | Image:PTI
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Hardeep Singh Puri on India's Oil Imports: At the time when countries of OPEC+ including Saudi Arabia and Russia have agreed to voluntary output cuts for the first quarter of 2024, India is looking to diversify its oil basket. 

India is the world's third-biggest oil importer and consumer and is looking to diversity crude sources, said Puri, adding that there is no shortage of crude in the world. 

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Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that New Delhi is in talks with three countries including Guyana, Suriname and Namibia regarding oil cooperation. Elaborating on New Delhi's policy, Union Minister Puri said that if a country sells oil, India will buy it, and if a country doesn't sell, it will buy from someone else. 

"There is no shortage of crude oil in the world. My view is that there is enough oil present with OPEC+. We have been talking to Guayana, Suriname, Namibia. Venezuela has some difficulties $600 million were stuck... that is coming in. I am confident. We will navigate through this. In coming time I don't see any difficulty in this," said Puri. 

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Puri Responds to OPEC+ Oil Cuts 

Responding to OPEC+ decision to cut down crude export, Puri said that OPEC+ is a sovereign organisation and and can take the decisions which suits the member countries. “I speak with confidence as a representative of a country that we will navigate through this. If you sell, we will buy. If you don't we will buy from someone other," said Puri. 

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Last year, the Ministry of External Affairs also said India is keenly looking at oil and gas cooperation with Guyana and Suriname. 

 

(With inputs from agencies) 

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Published March 5th, 2024 at 10:29 IST