Is Russia Really One of the Largest Crude Oil Producers with Over 9 Million Barrels Per Day?
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Synopsis
Union Minister Hardeep Singh Puri sheds light on Russia's significant crude oil production, emphasizing the potential chaos if such a substantial supply were to vanish. Discover how India's strategic decisions contribute to global energy stability.
Key Takeaways
- Russia produces over 9 million barrels of crude oil daily.
- Global oil supply could face chaos if Russia's production ceased.
- India helps stabilize global markets through strategic oil purchases.
- The PM Ujjwala Yojana has provided over 103 million LPG connections.
- India balances energy availability, affordability, and sustainability.
Vienna, July 10 (NationPress) The Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated on Thursday that Russia stands as one of the leading producers of crude oil, with an output exceeding 9 million barrels per day.
In a message posted on X, the minister remarked: “Consider the turmoil if this oil, representing approximately 10 percent of the global oil supply of around 97 million, were to disappear from the market. It would have compelled the world to cut back its consumption, and with consumers vying for the diminished supplies, the prices could have soared to over $120-130.”
Puri also noted that Russian oil was never subjected to global sanctions.
“Prudent decision-makers worldwide recognized the realities of global oil supply chains and how India was merely aiding the global markets by acquiring discounted oil under a price cap from various sources,” he underscored.
The Petroleum Minister further pointed out that some commentators lacking an understanding of energy market dynamics make unnecessary criticisms of our policies.
“Under the leadership of PM Narendra Modi, India has been a net positive contributor to the stability of global energy prices while effectively managing the trilemma of energy availability, affordability, and sustainability,” Puri stated.
India continues to deliver clean cooking gas to our 330 million households at the lowest prices globally, “while providing universal clean cooking to over 103 million beneficiary families of the PM Ujjwala Scheme at merely 0.4 dollars/kg or just 7-8 cents/day,” he added.
Earlier that day, Puri highlighted India’s robust partnership with OPEC, discussing strategies to maintain balanced oil markets for a seamless global transition to green and alternative energy sources.
“Over 103 million LPG connections have been extended to women from economically disadvantaged households as part of the Prime Minister’s visionary Pradhan Mantri Ujjwala Yojana (PMUY), which is the largest clean cooking initiative globally,” he shared with attendees at the 9th OPEC International Seminar.
This initiative has enhanced both energy access and public health outcomes. With such inclusive measures, LPG coverage in India has surged from 55 percent in 2014 to nearly universal access today, while LPG prices for PMUY beneficiaries in India remain among the lowest worldwide.
Point of View
It is imperative to recognize India’s proactive approach in the global energy landscape. By maintaining strategic ties with oil-producing nations like Russia, India not only secures its energy needs but also plays a vital role in stabilizing global oil markets amidst fluctuating prices.
NationPress
30/07/2025
Frequently Asked Questions
What is Russia's crude oil production level?
Russia produces over 9 million barrels of crude oil per day, making it one of the largest producers globally.
How does Russia's oil production impact global markets?
If Russia's oil supply were to vanish, it could lead to significant increases in oil prices and reduced global consumption.
Has Russian oil been affected by global sanctions?
No, Russian oil has never been under global sanctions, allowing it to continue its production and supply.
What role does India play in the global oil market?
India aids global markets by purchasing discounted oil and has been a contributor to energy price stability.
What is the Pradhan Mantri Ujjwala Yojana?
It is a government initiative providing LPG connections to economically weaker households in India, promoting clean cooking.
