He said, “America is now the number one energy producer in the world. We’re becoming a massive energy exporter. In just the past few months, we’ve made historic trade deals with Japan, Korea, India, and others to increase our coal exports dramatically. The quality of our coal is supposed to be the finest anywhere in the world.”

The comment came as on February 9, Foreign Secretary Vikram Misri stated that “national interest” would continue to guide India’s energy-related decisions, underlining that the key drivers of the country’s energy policy are “adequate availability, fair pricing and reliability of supply”, amid reports suggesting New Delhi is cutting its oil imports from Russia.

Speaking during a Special Briefing by the Ministry of External Affairs (MEA), Misri stated that decisions in the energy sector, whether by the government or businesses, would be guided by national interests, while clarifying the issue of actual sourcing.

Misri clarified that oil companies make procurement decisions based on market conditions, including availability, risk assessment, costs, and logistics, while adhering to internal accountability and fiduciary responsibilities.

“As far as the actual sourcing of energy is concerned, this is undertaken by oil companies, which make decisions based on market conditions. They assess availability, evaluate risks, analyse costs, and follow their internal accountability processes and fiduciary responsibilities. At any given time, there is a complex matrix of considerations, including financial and logistical aspects, that these companies must take into account,” he stated.

“What you will continue to see in this sector are business choices being made based on these considerations. Whether it is the government or businesses, national interest will continue to guide our choices,” he added.

Misri noted India is a net importer in the oil and gas sector and, as a developing economy, must remain conscious of its resource availability and the impact of import dependence on inflation. (ANI)