Oil prices will remain stable amid various options for crude oil supply, said Petroleum Minister

New Delhi| Union Petroleum and Natural Gas Minister Hardeep Singh Puri indicated in a social media post that oil prices in India are expected to remain stable amid geopolitical tensions as the country has several options to buy crude oil.

Addressing concerns over possible supply chain disruptions, Puri stressed that India has strategically positioned itself to effectively manage such situations, with access to a diverse range of crude oil suppliers.

“More supplies are coming into the market from countries like Brazil and Guyana”, Puri said in a social media post on Tuesday. Currently, global supply of oil has outstripped consumption, ensuring market stability”. He also said that “despite geopolitical tensions in some parts of the world, there is no shortage of crude oil”. Consumer countries have many options to choose from”.

According to Puri, global oil supply is outpacing demand, which will help maintain stability in markets and prices in the near future.
Reflecting on India’s resilience in maintaining energy security during challenging times, Puri lauded the leadership of Prime Minister Narendra Modi, under whose leadership India has successfully managed the threefold imperative of energy availability, affordability and sustainability.

“Even during a dangerous time for the world a few years ago, India successfully overcame the triad of energy availability, affordability and sustainability under the leadership of PM Narendra Modi”, Puri said. He reiterated that Indian oil companies will continue to prioritize economic benefits by purchasing crude oil from suppliers offering the most competitive prices.

Apart from addressing energy security, Puri stressed on India’s gradual adoption of Artificial Intelligence (AI) in the energy sector.
“Today, we are at the beginning of a new era”, he said. Artificial Intelligence is not only a game changer, but is already showing where the changes are coming.”

According to Puri, the Prime Minister recognized the importance of AI and the Fourth Industrial Revolution before many global leaders, making India a leader in integrating AI within energy management. He further pointed out that AI was being leveraged “creatively and on a large scale” in the energy industry, and expressed hope that this trend would continue, shaping the future of the sector.

As the global energy landscape evolves, Puri’s comments highlight India’s commitment to ensuring energy security and affordability while adopting cutting-edge technology to address emerging challenges and opportunities in the energy sector.