India, the world’s third greatest oil import, hopes to convert the current global oil problems from the Ukraine crisis into an opportunity to safe cost-effective strength, Oil Minister Hardeep Singh Puri reported on Thursday, a working day right after the European Union unsuccessful to concur on a Russian oil price tag cap.

India, which almost never made use of to obtain Russian oil since of highly-priced logistics, has emerged as Russia’s 2nd major oil consumer just after China as some Western entities shunned Moscow buys subsequent its February invasion of Ukraine.

“At this time, the fret is not about from wherever we will get power,” Puri stated at a broadcaster Times Now summit. “It is a world-wide challenge but we have and we will change this into an opportunity. And I really don’t foresee any problem in procuring energy and securing at reasonably priced selling prices.”

The United States has stopped shopping for Russian energy and European nations will halt Russian crude and refined solution imports from Dec. 5 and Feb. 5, respectively.

The Group of 7 nations, including the United States, as properly as the European Union and Australia, are arranging to apply a very likely cost cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec. 5.

Some Indian refiners are presently acquiring Russian oil at below or around the prices cap stages.

The West has exempted Russian oil materials by means of pipelines to Hungary and China, and exports from Sakhalin-2 tasks to Japan. “So the issue arises that on whom this cost cap will be imposed, if these three large exemptions are there,” Puri explained, indicating that the system is aimed at supplies to India.

Puri, nonetheless, said he was not anxious about disruption to oil materials post-Dec. 5, adding that India has been rapidly diversifying its crude sources and could invest in extra oil from the United States, Guyana and other nations in the coming many years.

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