Union Petroleum Minister Hardeep Singh Puri revealed that India has engaged in discussions with Guyana, Suriname, and Namibia for oil cooperation, emphasising the global abundance of crude oil.
As OPEC+ extends voluntary oil output cuts, Puri expressed confidence in India's ability to navigate through any challenges, affirming, Whatever decision OPEC+ takes, it is their sovereign decision... If you sell, we will buy. If you don't, we will buy from someone [else]. 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, and 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.
A significant oil importer, India seeks to diversify its crude sources and is considering a multi-year oil purchase agreement with Guyana. Last year, discussions on oil and gas cooperation were held during meetings between Indian, Guyanese, and Surinamese leaders.
Additionally, India and Namibia are exploring opportunities for oil and gas collaboration, as highlighted by External Affairs Minister S Jaishankar during his visit to Namibia, emphasising potential cooperation in energy sectors, including oil, gas, green hydrogen, and solar power.