global oil market

New Delhi, July 10 — India’s continued imports of Russian crude oil played a crucial role in stabilizing global energy markets and averting a dramatic surge in oil prices, Petroleum and Natural Gas Minister Hardeep Puri asserted on Wednesday, dismissing criticism over India’s energy policies amid the Russia-Ukraine conflict.Speaking during his visit to Vienna, Puri explained that Russia’s daily crude output of over nine million barrels is vital to global supply. Removing such volumes from the market would have forced an impossible 10 per cent cut in worldwide oil consumption, sending prices soaring above USD 120-130 per barrel.“Imagine the chaos…