New Delhi: Hardeep Singh Puri, Indian Minister of Petroleum and Natural Gas, announced that India is prepared to increase energy imports from the United States to meet its growing demand as the world's most populous country. He cited price and supply availability as key factors driving this decision.
According to Bahrain News Agency, Puri mentioned that India has already raised its imports from the United States to between USD 15 billion and USD 20 billion annually. There is potential for further growth as global oil supplies expand. He pointed out that India's annual energy needs are about USD 150 billion, fueled by the country's rapid economic growth.
Puri highlighted that India has expanded its energy import sources from 27 to 40 countries, making decisions based on national interests. He noted that the share of Russian oil has declined from a peak of 40% in May 2024. Puri stressed that under Prime Minister Narendra Modi's leadership, India's energy policy remains independent, with domestic fuel prices falling.
Puri also expressed that despite the increase in energy consumption, India remains committed to the Paris Agreement. Progress has been noted in biofuel blending at 20% and the expansion of green hydrogen initiatives. He further revealed that 200,000 square kilometers have been opened for oil exploration, and expressed optimism about reserves in the Andaman Sea.