Oil prices in India expected to remain stable as crude supply options increase, says Hardeep Puri

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Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, has stated that oil prices in India are expected to remain stable despite rising geopolitical tensions. In a recent social media post, he assured the public that India has multiple options for sourcing crude oil, thereby mitigating concerns over potential supply chain disruptions.

Puri highlighted that the country has strategically positioned itself to handle supply challenges effectively, citing the influx of crude oil supplies from nations such as Brazil and Guyana. He remarked, "More supplies from countries such as Brazil and Guyana are coming into the market. Currently, the global supply of oil outpaces the consumption, ensuring a stable market." This assertion underscores his confidence in the stability of the oil market moving forward.

Moreover, he noted that despite geopolitical tensions in various regions, there is no global shortage of crude oil. "Consuming countries have several options to choose from," he added. This statement reflects his belief that the current global oil supply exceeds demand, which should contribute to maintaining stable prices in the near future.

In discussing India's resilience in energy security during challenging circumstances, Puri praised the leadership of Prime Minister Narendra Modi. He stated that under Modi's guidance, India has adeptly managed the trilemma of energy availability, affordability, and sustainability. "Even during a perilous time for the world a few years back, India successfully navigated the trilemma of energy availability, affordability, and sustainability under the leadership of PM Narendra Modi," he asserted.

Puri also confirmed that Indian oil companies will focus on economic benefits by sourcing crude oil from suppliers offering the most competitive prices. This approach will help ensure that consumers benefit from stable pricing in the market.

In addition to addressing energy security, Puri emphasised India's progressive adoption of Artificial Intelligence (AI) 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 remarked.

According to Puri, the Prime Minister recognised the significance of AI and the fourth industrial revolution earlier than many global leaders, positioning India as a frontrunner in integrating AI within energy management. He expressed optimism that the use of AI will continue to expand, shaping the future of the energy sector.

As the global energy landscape continues to evolve, Puri's comments highlight India's commitment to ensuring energy security and affordability while embracing advanced technology to navigate emerging challenges and opportunities within the energy sector.

(With inputs from ANI)