‘Sanctions against Russia to have no major impact’

Davos: Any further sanctions against Russia will not have any impact on India’s crude oil requirements and the global prices should remain stable in the $75-80 per barrel range, as all sanction fears have already been factored in, Indian Oil Chairman Arvinder Singh Sahney said on Thursday.

He also said there are several energy sources that can be tapped to meet India’s energy requirements in case of any eventuality.

“Before the Ukraine war started, India used to get less than 2 per cent oil from Russia. After the war started and Russia was not allowed to sell to Europe etc, we started getting more from Russia.

“If that goes down due to sanctions, we have other sources to compensate for that. We have not left our other sources, whether they are in the Gulf, OPEC, OPEC-plus, the US, Guyana or Brazil,” he added.

Also, he said, there are new non-OPEC countries, and there is no dearth of crude oil.