On Thursday, oil minister veteran diplomat Hardeep Singh Puri was appointed as India’s new oil minister.
This appointment was oil minister hailed by energy experts who expect him to secure better import agreements and promote New Delhi as a pleasant destination for purchase in the industry. Puri’s appointment comes amid public outrage in India over record-high gasoline costs. India is now the world’s third-largest importer and user of oil, and it is attempting to make better deals with producers.
Diplomats and sector experts say Puri’s previous experience as India’s permanent representative to the United Nations will benefit him in his current job. “Hardeep Puri is quite good at projecting India’s viewpoint. He is eloquent.
“According to Ashok Sajjanhar, India’s former ambassador to Iran and Kazakhstan, “He has dealt with the rest of the globe, and international diplomacy comes naturally to him.” Since Prime Minister Narendra Modi took office seven years ago, India’s oil demand has risen faster than any other big customer. The nation is watching to diversify its import sources.
“In the energy sector, we have been expanding our connections with the US and increasing our oil imports from them. We ran into some pricing concerns with the Gulf countries, particularly Saudi Arabia, “According to Sajjanhar. Relations between Riyadh and New Delhi deteriorated earlier this year after Dharmendra Pradhan, Puri’s predecessor, criticized Saudi Arabia and others for pushing up oil prices.
Because domestic crude output has been nearly static for years, India imports more than 80% of its oil needs. Puri, 69, stated that his priority would be to increase domestic oil and gas output on Thursday. Rising oil imports necessitate cooperation between India’s oil and foreign ministries, which Puri’s diplomatic expertise would facilitate, according to Vivek Katju, a former Indian foreign minister.
Analysts applauded departing Minister Pradhan’s efforts. Pradhan positioned India as an investment opportunity for oil producers rather than merely a market for oil sales.