Any further sanctions against Russia will not impact India's crude oil requirements, and global prices should remain stable in the USD 75-80 per barrel range, as all sanction fears have already been factored in, Indian Oil Chairman Arvinder Singh Sahney said on Thursday.
Speaking during the World Economic Forum Annual Meeting, he also noted that there are several energy sources that can be tapped to meet India's energy requirements in case of any eventuality.
Asked about India's participation at Davos, Sahney said it feels great to see India with a significant presence there.
"It helps as so many global corporates are gathered here in one place. We can exchange ideas with all of them, which is good for the company and the economy as a whole," he added.
Regarding Donald Trump's second US presidency and its impact on India, he said it should be positive for the energy sector because "he has emphasised that we need to produce more energy and we are not averse to additional energy sources. It is always better to have more energy sources."
India imports nearly 87 per cent of its crude oil, and if the country has access to more than one source, it would be beneficial, he said.
On fears that Trump might impose more sanctions on Russia if the war doesn't stop, he said it would not have any major impact.
"Before the Ukraine war started, India used to import less than 2 per cent of its oil from Russia. After the war started and Russia was no longer allowed to sell to Europe, we began receiving more oil from Russia.
"If that supply decreases due to sanctions, we have other sources to compensate for it. We have not abandoned our other sources, whether in the Gulf, OPEC, OPEC+, the US, Guyana, or Brazil," he added.
He also stated that there are new non-OPEC countries, and there is no shortage of crude oil.
"What price we will get, what the quantity will be, and how transportation will happen, we will evaluate all of that. But I can assure you that there won't be any impact on the availability or energy security of the country," the IOC chief said.
On the potential impact on global crude prices, Sahney said there should not be much effect.
"When the sanctions were first imposed, prices rose to USD 83 per barrel, but they have gradually decreased in the last 5-7 days, and now it is around USD 79," he explained.
"All the concerns were already factored in, and my personal assessment is that it will remain in the range of USD 75-80," he added.
On budget expectations, he said the support needed from the government for the energy sector is already in place, and there are no further specific demands at present. "Whatever specific support we need, we are already receiving, and we do not expect anything negative for us in the budget," he concluded.
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