India warned of a 3-fold rise in oil prices without deals with Russia

09.11 17:40 | Category Economics

Oil prices would have risen to $200 a barrel if India had not bought crude from Russia, the country's Petroleum and Natural Gas Minister Singh Puri said. According to him, India “did a service to the whole world by buying Russian oil.”

If we had not done this, world oil prices would have skyrocketed to $200 a barrel. But we will continue to buy it from those who offer the best price.

- Singh Puri clarified.

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