Overview

• Puri said halting buys of Russian crude would have driven global oil prices above $120–130 per barrel.
• Russia supplies over 9 million barrels daily—about 10% of the 97 million-barrel global market—making its output critical to worldwide demand.
• India sources Russian oil under a G-7–led price cap rather than full sanctions, securing discounted supplies while maintaining compliance.
• Facing 80% oil and 50% gas import dependency, India is diversifying suppliers and expanding domestic exploration in regions such as the Andaman Sea.
• The government continues the PM Ujjwala Scheme, providing clean cooking gas to more than 103 million families at roughly $0.40 per kilogram.