India's Oil Prices Expected To Remain Stable Despite Global Tensions: Minister Puri

(MENAFN- KNN India) New Delhi, Nov 5 (KNN) Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has assured that oil prices in India are likely to remain stable despite escalating geopolitical tensions, citing the country's diverse crude oil procurement options.

The minister's statements came through a series of social media posts on Tuesday, addressing concerns about potential supply chain disruptions.

Global oil markets are currently experiencing a surplus, with supply exceeding consumption rates, according to Puri. He highlighted the emergence of new supply sources, particularly noting increased production from Brazil and Guyana, which are contributing to market stability.

"Despite geopolitical tensions in some parts of the world, there is no shortage of crude oil in the world. Consuming countries have several options to choose from," the minister stated.

Under Prime Minister Narendra Modi's leadership, India has successfully managed what Puri termed the 'trilemma' of energy availability, affordability, and sustainability.

The minister praised India's resilient approach to energy security during previous global challenges, emphasising that Indian oil companies will continue to prioritise economic efficiency in their crude sourcing decisions.

Looking toward the future, Puri highlighted India's growing integration of Artificial Intelligence across the energy sector.

"Today, we are at the beginning of a new era. Artificial Intelligence is not only a game changer but is already showing the path to where the changes are coming," he observed.

The minister credited Prime Minister Modi for recognising AI's potential and the fourth industrial revolution ahead of many global counterparts, positioning India advantageously in the evolving energy landscape.

The minister's comprehensive remarks underscore India's strategic approach to energy security and its commitment to technological advancement in the sector, suggesting a confident outlook for the nation's energy future despite global uncertainties.

(KNN Bureau)

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