Oil prices in India are expected to remain stable despite rising geopolitical tensions, thanks to the country's diverse crude oil supply options, said Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Tuesday.
Puri addressed concerns about possible supply chain disruptions, emphasizing that India is well-prepared to handle such challenges. The country has strategically secured a variety of crude oil suppliers.
“More supplies from countries such as Brazil and Guyana are entering the market. Currently, global oil supply exceeds consumption, which supports a stable market,” Puri mentioned in a social media post. He also stated, “Despite geopolitical tensions in some regions, there is no global shortage of crude oil. Consuming countries have multiple options to choose from.”
According to Puri, the ongoing global oil supply surpasses demand, contributing to the expected stability of market prices in the near future.
Highlighting India's resilience in ensuring energy security during tough times, Puri praised the leadership of Prime Minister Narendra Modi. Under Modi’s guidance, India has effectively navigated the challenges of energy availability, affordability, and sustainability.
“Even during a challenging period for the world a few years ago, India successfully managed the trilemma of energy availability, affordability, and sustainability under PM Narendra Modi’s leadership,” Puri said.
He reiterated that Indian oil companies will continue to focus on economic benefits by sourcing crude from suppliers that provide the best prices.
Additionally, Puri emphasized India's forward-thinking adoption of artificial intelligence (AI) within the energy sector.
“We are at the dawn of a new era. Artificial intelligence is not only transformative but is already indicating where changes are occurring,” he noted.
Puri pointed out that the Prime Minister recognized the importance of AI and the fourth industrial revolution earlier than many global leaders, positioning India as a leader in incorporating AI into energy management.
He further remarked that AI is being utilized “in a constructive and significant manner” in the energy industry and expressed hope that this trend will continue to grow, influencing the sector's future.
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