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India’s Minister of Petroleum and Natural Gas, Hardeep Singh Puri, has stated that India’s purchase of discounted Russian oil has helped keep global crude prices affordable. Russia has become India’s primary source of crude oil, accounting for 36% of its crude imports, while its purchases of Middle Eastern oil have dropped to a record low. Despite rising tensions in the Middle East and the Red Sea, oil prices have remained under pressure due to increased output from the US and a global economic slowdown. Puri believes that higher oil prices will curtail demand and become a “self-fulfilling prophecy.”

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