India's oil prices will stay steady with a range of crude supply options: Union Minister Hardeep Puri

5 Nov 2024 , 12:21 PM

In a social media post, Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated that despite the escalating geopolitical tensions, oil prices in India are anticipated to stay steady because the nation has multiple choices for purchasing crude oil.

Puri addressed worries about possible supply chain interruptions by stressing that India has positioned itself strategically to handle such circumstances well, having access to a wide variety of crude oil suppliers.

“More supply are entering the market from nations like Guyana and Brazil. In a social media post on Tuesday, Puri stated that the world’s oil production currently exceeds its consumption, guaranteeing a stable market.

Additionally, he stated that “crude oil is abundant worldwide, notwithstanding geopolitical difficulties in some regions of the world. Countries that consume have a variety of possibilities.

Puri claims that the world’s oil production is still exceeding its demand, which should help keep the market and prices steady for the foreseeable future.

Puri praised Prime Minister Narendra Modi’s leadership for effectively navigating the trilemma of energy availability, affordability, and sustainability while reflecting on India’s tenacity in preserving energy security amid trying times.

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