Oil Crisis 'Certainly Not Over', Warns Hardeep Singh Puri

Union Minister of Petroleum and Natural Gas Hardeep Singh Puri has expressed concerns about the ongoing global oil crisis, stating that it's 'certainly not over' and could worsen. Speaking at the PAFI 13th Annual Forum in New Delhi, Puri emphasized that while there is no shortage of crude oil globally, supply disruptions have become a major issue.

Puri noted that India has been able to shield itself from the worst impact of the crisis through its refining capacity expansion and diversified crude supplies. The country's refining capacity will reach 290 million tonnes per annum within a year, up from the current level. India currently consumes 5.6 million barrels per day (bpd) of crude but exports around 1 million bpd of refined petroleum products.

Puri also highlighted that India has increased its domestic LPG production to meet growing demand, with output rising from 30,000 tonnes a day to 56,000 tonnes a day. The country's ability to navigate the disruption was supported by decisions taken well in advance, including expanding refining capacity and diversifying crude supplies.