Overview

• Hardeep Singh Puri said Russian oil is not under sanctions and cautioned that sidelining the world’s No. 2 producer would force consumption cuts with serious consequences.
• He emphasized compliance with the G7 price-cap regime and said he tells refiners to buy at lower prices whenever possible as Russian discounts have narrowed.
• State-run oil marketers such as IOC, BPCL and HPCL decide their crude sourcing independently, according to the minister.
• Puri expects crude to trade in a $65–68 per barrel range, citing the need to maintain a supply–demand equilibrium.
• His comments come as the U.S. has levied 25% punitive duties on India in addition to tariffs over Russian purchases, with reporting noting India imported roughly 2 million barrels per day from Russia in August.