India is not concerned about voluntary output cuts by the Organisation of Petroleum Exporting Countries (OPEC) or Saudi Arabia’s decision not to expand its production capacity, said Union Minister for Petroleum and Natural Gas Hardeep Singh Puri.

“There is enough oil in the world and new suppliers are coming in,” Puri said on the sidelines of India Energy Week in Goa. “You decide, you want to sell it or you want to keep it in the ground.”

OPEC and Russia had earlier capped their production amid demand destruction from the world’s top cosnumers, the US and China.

Additionally, Saudi Aramco last month held back its decision to increase oil production capacity to 13 million barrels a day by 2027.

“If the Saudis or anyone else say they don’t want to produce, I think they have the right to do it,” Puri said.

India has been diversifying its sources of supply with Russia becoming one of the top three suppliers. However, this diversification from farther away regions can cause insecurity to Indian crude supplies, Toril Bosoni, Head of Market at IEA had told FE earlier.

Furthermore, speaking about the success of the India Energy Week held in Goa from February 6-9, Puri said that the conference has been a testament to India’s emerging leadership in the global energy sector, drawing over 35,000 participants, including 13 energy ministers and more than 900 exhibitors.

With the announcement of India Energy Week 2025 to be held at the Yashobhoomi Convention Centre in New Delhi from February 11-14, Puri expressed optimism for an even larger and more impactful gathering, underscoring India’s commitment to leading the global energy transition. The minister also said that the India Energy Week for 2026 will again be held in Goa.

Last week, Toril Bosoni, Head of Markets at the International Energy Agency told FE that diverse sourcing of oil might pose a risk to India’s energy security. “India’s continuous dependence on imports to meet its energy needs and its diversifying of sources of supplies to farther regions are a threat to the country’s energy security, ” she said.

India is set to become the largest source of oil demand during the decade, that is, by 2030. The country’s  oil demand is estimated by IEA to reach 1.2 million barrels per day during 2023-2030. With this growth, India will take over China by 2027 in terms of annual growth rate.