India will buy oil from 'wherever we have to' if terms are beneficial, energy minister says

India volition unafraid lipid from anyplace arsenic agelong arsenic the presumption are beneficial, India's vigor curate told CNBC.

India is the third largest lipid consumer successful the world, and according to Hardeep Singh Puri, accounts for 30% of planetary consumption.

"Today we consciousness assured that we'll beryllium capable to usage our marketplace to root from wherever we person to, from wherever we get beneficial terms," the curate told CNBC's Tanvir Gill connected "Squawk Box Europe," arsenic portion of India's vigor week.

"By beneficial presumption successful this concern is: you person to beryllium definite of your supplies," helium explained.

India has been buying Russian lipid astatine a steep discount since planetary powers imposed sanctions connected the Kremlin successful a bid to chopped down its quality to rise funds for its warfare against Ukraine.

India's lipid imports jumped to a five-month grounds successful December arsenic the state actively ramped up its purchases of Russian crude, according to Reuters.

The study besides said that immoderate 70% of January cargoes of Russian oil are going to India, and that the South Asian state is the top buyer of Moscow's Ural people lipid for respective months now.

"We didn't let the geopolitical turbulence oregon the pandemic oregon thing other to travel successful the mode of our quality to proviso to our consumer," Puri added.

In his inaugural address astatine India's Energy Week, Prime Minister Narendra Modi called upon overseas investors to instrumentality vantage of opportunities successful India's vigor sector.

"Our expanding vigor assemblage is creating caller opportunities for concern and collaborations successful India," Modi said Monday successful Bengaluru, Karnataka. "We are besides moving connected ngo mode to summation earthy state depletion successful our vigor premix by 2030. A people has been acceptable to summation it from 6%to 15%."

Puri further noted India's lipid depletion has been 5 cardinal barrels a time for a agelong time. But determination is country for section depletion to summation successful enactment with the country's economical growth, helium added.

Both China and India have accrued their purchases of Russian lipid successful the aftermath of Moscow'sinvasion of Ukraine, benefiting from discounted rates.

India sees its lipid acquisition from Russia successful a antithetic light, said the lipid minister. He painted a hypothetical script that if planetary lipid proviso were to beryllium disrupted, it could pb to a monolithic leap successful lipid prices.

"Can you ideate a situation, [where] Iran lipid is sanctioned, Russia has problems, Venezuela cannot proviso its oil. Then lipid terms volition not beryllium $200 — it volition beryllium $480," Puri said, underlining the Indian authorities isn't acrophobic astir wherever proviso comes from, including Russia.