New Delhi:
Arvinder Singh Sahni, chairman of public sector Indian Oil Corporation (IOC), said that any new sanctions against Russia will not have any major impact on India’s crude oil needs. He said that global oil prices will remain stable in the range of $75-80 per barrel. He said that the reason for this was that we were already anticipating the ban.
Speaking to PTI on the sidelines of the annual meeting of the World Economic Forum (WEF), he told that there are many energy sources which can be used to meet India’s energy needs in any emergency. India has found many alternative energy sources for its energy needs. Before Russia, India used to get only 2 percent oil, but after the war this figure has increased to 30 percent.
Indian energy sector benefits from Trump’s statement
Regarding Donald Trump becoming the President of America for the second time and its impact on India, he said that it will be positive for the Indian Energy Sector. He has emphasized that we have to produce more energy and we are not against more energy sources. It is always better to have more energy sources. He also said that America’s focus will be on more energy production and India will benefit from it.
Sawhney clarified that even if more sanctions are imposed on Russia, India has other energy sources. He mentioned sources like Gulf countries, OPEC, America, Guyana and Brazil, which ensure the supply of oil.
He said, “If it decreases due to restrictions, we have other sources to compensate for it. “We have not given up our other sources, whether they are in the Gulf, the Organization of the Oil Exporting Countries (OPEC), OPEC-Plus, the US, Guyana or Brazil.” The IOC chief also said that there are new non-OPEC countries and there is no shortage of crude oil.
India plays a major role in discussions with global companies
When asked about India’s participation in Davos, Sahni said that it is great to see India’s big presence here. Sahni expressed happiness over India’s large presence in the World Economic Forum and said that discussing with global companies on this platform is beneficial for Indian companies and the Indian economy.
He said, “This helps a lot because we can meet many global companies here at one place. “We can exchange ideas with all of them, and that’s good for the company and the economy.”
According to the IOC Chairman, despite the sanctions on Russia, India’s oil supply position will remain strong and global oil prices will remain stable. India has assured supply of crude oil from diverse sources, so that it can face any emergency in future.