The recent state of the global oil market was discussed by Hardeep Singh Puri, India's Minister for Petroleum and Natural Gas.
Puri emphasized that there is no shortage of oil worldwide and expressed optimism that prices will soon decline. He attributed recent price increases to geopolitical tensions and voluntary production cuts by oil-producing nations. Puri reassured the public that the government is actively working to maintain stable oil prices.
Despite recent fluctuations, prices have remained relatively stable over the past three years. Puri highlighted that conflicts in certain regions can lead to higher transportation and insurance costs, which ultimately impact retail prices. He urged global cooperation to address these challenges and emphasized the importance of working towards peace.
Puri also mentioned that countries like Brazil and Guyana are increasing their oil production, contributing to a more favorable supply situation. This increase in production from diverse sources is expected to enhance global oil availability.
The Indian government has implemented measures to cushion the impact of rising oil prices on consumers, addressing various factors that influence retail prices. Puri's statements reflect the government's commitment to ensuring stable oil prices and their understanding of the interconnectedness of global oil markets.