Dom Torreto's Take: How India's Love for Russian Oil Keeps Global Crude Prices Affordable

India's Minister of Petroleum and Natural Gas spills the beans

You know I've always said that teamwork makes the dream work. Well turns out India is all about teamwork too! According to India's Minister of Petroleum and Natural Gas Hardeep Singh Puri India is keeping global crude prices in check by buying oil from Russia. And let me tell you the world is grateful for that!

Middle Eastern oil? More like Middle Eastern trouble!

Now I'm not saying there's anything wrong with Middle Eastern oil. But if India starts buying more of it brace yourselves for some serious chaos. Puri said that if India ditched the Russian oil and went all in on Middle Eastern oil we'd be looking at oil prices skyrocketing to $150. Yikes! Talk about putting the pedal to the metal.

Russia the MVP of India's oil imports

Ever since Russia invaded Ukraine India's been snatching up that sweet discounted Russian oil. Moscow has become India's top source of crude oil accounting for a whopping 36% of their imports. Sorry Middle East but Russia is stealing the show here.

Low oil prices amidst Red Sea tensions? Talk about a plot twist!

You'd think that rising tensions in the Red Sea and fears of conflict in the Middle East would send oil prices soaring. But nope not this time. Despite all the uncertainty oil prices have remained low. Maybe it's because of the record output from the U.S. or the global economic slowdown. Who knows?

No worries mate! The minister is chill.

"Unduly worried? Nah not me," says Puri. He's confident that a lack of availability or affordability of oil won't cause a spike in prices. In fact he thinks higher oil prices would just be a "self fulfilling prophecy" and end up reducing demand. Now that's some serious confidence my friends.

India the driving force behind global oil demand

Did you know that India is expected to be the biggest driver of global oil demand from 2023 to 2030? The International Energy Agency says so. Looks like Prime Minister Narendra Modi's plans to boost India's oil refining capacity by 80% is going to make some serious waves. Vroom vroom!