In a recent Urja Varta program in New Delhi organized by DGH, the Minister of Petroleum and Natural Gas, Mr. Hardeep Singh Puri, expressed his optimism regarding a potential decrease in oil prices. He highlighted the current abundance of oil in the international market as a contributing factor.
During the event, Mr. Puri addressed concerns about two major crude oil suppliers, Iran and Venezuela, facing sanctions. He questioned whether these sanctions would be permanent, emphasizing the emergence of new oil sources from countries outside of OPEC, such as Brazil, Guyana, and Canada.
Mr. Puri reassured attendees that the global oil market is diversifying, which could mitigate any potential disruptions caused by sanctions or market fluctuations. He emphasized that even if major oil buyers or suppliers face challenges, appropriate measures will be taken to address any issues that may arise.
His positive outlook on the oil market’s stability reflects confidence in the industry’s resilience to adapt to changing circumstances. Mr. Puri’s remarks underscore the importance of monitoring market dynamics while remaining prepared to navigate any challenges that may impact the oil sector.
