Petroleum Minister Hardeep Singh Puri on Tuesday said the world has enough crude oil and more supplies are coming into the market, which he hoped will cool down oil prices.
“There is no shortage of oil,” he told reporters on the sidelines of an event here.
But geopolitical tensions cause prices to rise owing to higher freight and insurance charges incurred in avoiding conflict zones.
He hoped better sense will prevail and diplomacy will take precedence.
Despite geopolitical tensions, there is no shortage of oil in the world and more supplies from countries such as Brazil and Guyana are coming into the market, he said.
There is no anxiety over availability, he said, adding “We are confident of navigating, as we had in the past… any situation arising.”
India imports more than 85 per cent of its oil needs and any rise in global rates not just impacts import bills but also fuels inflation.
“My hope is that oil prices remain stable and come down… that’s my personal opinion,” he .
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