Puri: No Oil Shortage, Supply Route Disruptions Driving Global Energy Prices
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri stated that there is no global oil shortage, but rather disruptions to supply routes have driven up prices.
The current challenge in the global energy market is due to the chocking of key supply routes, resulting in higher freight costs and energy prices, according to Puri.
He pointed out that despite global oil consumption being below available supply, with 94 million barrels consumed daily against 104 million barrels of available oil, disruptions such as the Russia-Ukraine conflict and closure of the Red Sea route have had a significant impact on global energy markets.
Puri emphasized that India is working to increase domestic oil and gas production to reduce its exposure to international energy market disruptions, citing the success of the Samudra Manthan initiative which has already begun to yield results.