Hardeep Singh Puri on Global Oil Prices
Hardeep Singh Puri, the Minister for Petroleum and Natural Gas, addressed concerns about rising crude oil prices, stating that there is no shortage of oil globally and prices are expected to decrease soon. He attributed the current price fluctuations to global factors such as geopolitical tensions in the Middle East and voluntary production cuts.
Global Factors Affecting Oil Prices
Puri explained that while there is ample oil supply, tensions in certain regions can increase freight and insurance costs. He expressed hope for peace, which would help stabilize prices. The minister highlighted that countries like Brazil and Guyana are increasing their oil production, contributing to the global supply.
Government Efforts to Stabilize Prices
The Indian government has been actively working to stabilize oil prices, stepping in to cushion price hikes from November 2021 to May 2022. Puri noted that retail oil prices are influenced by international barrel costs, transportation, and other factors. He urged the global community to work towards reducing prices.
India’s Preparedness for Energy Demands
Earlier, Puri mentioned that India is well-prepared to meet its energy needs, having expanded its oil procurement sources from 27 to 39 suppliers. This diversification ensures a steady supply to meet the country’s growing demands.
Doubts Revealed
Hardeep Singh Puri -: Hardeep Singh Puri is an Indian politician who is the Minister for Petroleum and Natural Gas. He is responsible for managing India’s oil and gas resources.
Petroleum and Natural Gas -: Petroleum and Natural Gas are natural resources used to produce energy. They are important for running vehicles, industries, and generating electricity.
Geopolitical tensions -: Geopolitical tensions refer to conflicts or disagreements between countries. These can affect global trade and the prices of goods like oil.
Production cuts -: Production cuts mean reducing the amount of oil being produced. This can happen when countries decide to produce less oil to increase prices or due to other reasons.
Global cooperation -: Global cooperation means countries working together to solve problems. In this context, it refers to countries collaborating to manage oil prices and supply.
