There will be no major impact of restrictions against Russia, oil prices will be stable at $ 75-80: IOC chairman
New Delhi:
Arvinder Singh Sahni, chairman of the 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 within $ 75-80 per barrel. He said that the reason for this we already feared a ban.
In a conversation with PTI-language during the annual meeting of the World Economic Forum (WEF), he said that there are many energy sources that can be used to meet India’s energy needs in any emergency. India has received 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.
Trump’s statement benefits Indian energy sector
Regarding Donald Trump’s becoming the second President of America and its influence 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 maximum energy source. He also said that America’s focus will be on more energy production and India will benefit from it.
Sahni clarified that even if more restrictions are imposed on Russia, India also has other energy sources. He mentioned sources like Gulf countries, OPEC, America, Guyana and Brazil, which ensures oil supply.
India’s major role in consultation with global companies
When asked about India’s participation in Davos, Sahni said that it looks very good to see the big presence of India here. Sahni expressed happiness over India’s great presence in the World Economic Forum and said that consulting with global companies on this platform is beneficial for Indian companies and economy.
According to the IOC chairman, despite the sanctions on Russia on Russia, India’s oil supply status will remain strong and there will be stability in global oil prices. India has a supply of crude oil from various sources, so that any emergency can be faced in future.