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India said it will speed up its diversification of oil imports to hedge against any surprise output cuts by the Organization of the Petroleum Exporting Countries and its allies.
„This will hurt large importers like India, who spent around $120 billion last year on the import of petroleum products,“ India’s oil minister Hardeep Singh Puri said on Friday in reference to an OPEC+ decision last week to cut output by 2 million barrels per day.
As the world’s third largest consumer and importer of oil, India buys about 85% of its needs from overseas, while its energy demands are set to rise to power its economic expansion.
„Some diversification has already happened and we will further diversify. ..there are many sources and we will not hesitate to take actions,“ Puri said at GeoIndia 2022.
Output cuts could temporarily maximise revenue for OPEC+ producers, but could tip the world into recession, he added.
