Supply Route Disruptions Drive Global Energy Prices: Puri

India's Petroleum and Natural Gas Minister Hardeep Singh Puri addressed concerns over rising energy prices, attributing them to disruptions in key supply routes rather than a global oil shortage.

Puri pointed out that global oil consumption stands at 94 million barrels per day against available supplies of 104 million barrels per day. He noted that the current challenge is not a lack of oil but high freight costs and energy prices resulting from supply route disruptions.

The minister cited several geopolitical events affecting global energy markets, including the Russia-Ukraine conflict, Strait of Hormuz closures, and Red Sea route disruptions.

Puri emphasized India's efforts to increase domestic oil and gas production through initiatives like Samudra Manthan. The first results from this initiative are already showing promising signs, he stated.