India has been talking to Guyana, Suriname and Namibia regarding oil cooperation, informed Union Petroleum Minister Hardeep Singh Puri on Monday while asserting that there is no shortage of crude oil globally.
His statement comes as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are extending their voluntary oil output cuts of 2.2 million barrels per day (bpd) into the second quarter.
Responding to the development, Puri said: “Whatever decision Opec+ takes it is their sovereign decision. I speak with confidence as a representative of a country that we will navigate through this. If you sell, we will buy. If you don’t we will buy from someone other.”
“There is no shortage of crude oil in the world. My view is that there is enough oil present with Opec+… we have been talking to Guayana, Suriname, Namibia. Venezuela has some difficulties $600 million were stuck… that is coming in. I am confident. We will navigate through this. In coming time I don’t see any difficulty in this,” he added.
India, the world’s third-biggest oil importer and consumer, is looking to diversify its crude sources.
India is considering a multi-year oil purchase agreement with Guyana.
Last year, the Ministry of External Affairs also said India is keenly looking at oil and gas cooperation with Guyana and Suriname.
Discussions in this regard were held during meetings of President of Cooperative Republic of Guyana Dr Mohamed Irfaan Ali and Republic of Suriname president Chandrikapersad Santokhi with President Draupadi Murmu and Prime Minister Narendra Modi on the sidelines of Pravasi Bharatiya Divas convention last year in January.
Meanwhile, India and Namibia are exploring possibilities regarding oil and gas cooperation.
During his visit to Namibia, External Affairs Minister S Jaishankar last year said there is a much clearer picture of the possibilities before the two countries. “Closer cooperation in the field of energy, including in oil and gas, green hydrogen, and solar,” he has said.
India, the world’s third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand.
